China News
TRADE WARS
Biden administration warns China hopes for US debt 'chaos'
Biden administration warns China hopes for US debt 'chaos'
by AFP Staff Writers
Washington (AFP) May 4, 2023

The Biden administration on Thursday warned that superpower rival China would "love" to see Washington fail to extend the national debt ceiling and push the country into the "chaos" of default.

"They love to see chaos in the American system," senior White House economics official Shalanda Young told reporters. "They love to see that we can't do our basic jobs."

Republicans in Congress and President Joe Biden's Democrats are running out of time to agree on how to authorize more borrowing or face the country's first ever debt default, likely sparking severe economic disruption in the United States and around the world.

Young, the director of the Office of Management and Budget, said this is "no less than a test of what works in this world. Does democracy still work, or does the Chinese way work?"

Earlier, Director of National Intelligence Avril Haines also warned that China and Russia are hoping to stoke perceptions of the United States as dysfunctional.

"I think, generally, both Russia and China would look to perceive -- sort of narrate -- through information operations such an event as demonstrating the chaos within the United States, that we're not capable of functioning as a democracy, and the governance issues associated with it," Haines told the Senate Armed Services Committee.

Default would "almost certainly" promote "global uncertainty about the value of the US dollar and US institutions and leadership," she said.

Related Links
Global Trade News

Subscribe Free To Our Daily Newsletters
Tweet

RELATED CONTENT
The following news reports may link to other Space Media Network websites.
TRADE WARS
Taking the high road: India infrastructure drive counters China
Zemithang, India (AFP) May 4, 2023
Freshly laid roads, bridges, upgraded military camps, and new civilian infrastructure dot the winding high Himalayan route to the Indian frontier village of Zemithang - which China renamed last month to press its claim to the area. It is in the far northeastern Indian state of Arunachal Pradesh, almost all of which Beijing insists falls under its sovereignty as "South Tibet". The Asian giants fought a war in 1962 over their 3,500-kilometre (2,200-mile) divide, now known as the Line of Actual Co ... read more

TRADE WARS
China to promote space science progress on five themes

China to develop satellite constellation for deep space exploration

China's space missions break new ground

Space exploration for betterment of humankind

TRADE WARS
Biden administration warns China hopes for US debt 'chaos'

Hong Kong rises as Europe, US attempt rebounds

HSBC faces shareholder vote on splitting bank

Asian markets rise after shrugging off US rate hike

TRADE WARS
TRADE WARS
Denmark to send NATO battalion to Latvia in 2024

Ex-Pentagon chiefs call on US Senate to approve military nominees

US ambassador to Russia visits imprisoned ex-marine Paul Whelan

Ukraine 'realistic' about not joining NATO during war: Zelensky

TRADE WARS
Evacuations spur UN watchdog concern over Ukraine nuclear plant

Niger uranium mine set to operate until 2040

Small reactor startups vie to push US into new nuclear era

National Academies Report suggests US build new advanced nuclear reactors

TRADE WARS
Hackers promise AI, install malware instead

Canada MP demands Chinese diplomat's expulsion over alleged intimidation plan

China-based networks sowing disinformation in West: Meta

White House summons tech giants over AI dangers

TRADE WARS
Evacuations spur UN watchdog concern over Ukraine nuclear plant

Niger uranium mine set to operate until 2040

Small reactor startups vie to push US into new nuclear era

National Academies Report suggests US build new advanced nuclear reactors

TRADE WARS
European leaders vow to boost North Sea wind energy production

Wind farms drive away certain seabirds: study

Wind project near S.African elephant park riles activists

UK offshore staff 'want public ownership of energy firms'

Subscribe Free To Our Daily Newsletters




The content herein, unless otherwise known to be public domain, are Copyright 1995-2024 - Space Media Network. All websites are published in Australia and are solely subject to Australian law and governed by Fair Use principals for news reporting and research purposes. AFP, UPI and IANS news wire stories are copyright Agence France-Presse, United Press International and Indo-Asia News Service. ESA news reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. All articles labeled "by Staff Writers" include reports supplied to Space Media Network by industry news wires, PR agencies, corporate press officers and the like. Such articles are individually curated and edited by Space Media Network staff on the basis of the report's information value to our industry and professional readership. Advertising does not imply endorsement, agreement or approval of any opinions, statements or information provided by Space Media Network on any Web page published or hosted by Space Media Network. General Data Protection Regulation (GDPR) Statement Our advertisers use various cookies and the like to deliver the best ad banner available at one time. All network advertising suppliers have GDPR policies (Legitimate Interest) that conform with EU regulations for data collection. By using our websites you consent to cookie based advertising. If you do not agree with this then you must stop using the websites from May 25, 2018. Privacy Statement. Additional information can be found here at About Us.