Who is going to hold the debt?

 

The committee’s Democrats picked up the ball and ran with it: “Xi Jinping has assessed the United States as a flawed and failing political and economic system. Nothing we could do would reinforce that impression more than defaulting on our national debt,” said Sen. Chris Coons (D-Delaware). Right, because it would be soooo much better to just keep running up Uncle Sam’s credit card without limit. Besides, Beijing has already expressed its level of confidence in America’s “political and economic system” — Chinese holdings of U.S. Treasury debt are back to levels last seen in 2010.

Note the precipitous drop in just the last year. That’s Chinese leaders, seeing how Washington declared Russia’s Treasury holdings worthless after the invasion of Ukraine — and wondering whether they might be next.