WASHINGTON: After US Treasury Secretary Janet Yellen called China a"barrier" to debt reform in Africa this week, Chinese officials in Zambia had a pointed response - get your own house in order.
Republicans in the House of Representatives are using a risky, unusual threat to refuse to vote in a new debt ceiling, a figure that reflects money already spent and now owed by the government, to pressure the Biden administration and Democrats to cut spending programs. So far, the Biden White House is refusing to negotiate, counting on hardline Republicans to step back under pressure from businesses, investors and moderates.
Yellen and International Monetary Fund Managing Director Kristalina Georgieva arrived separately in Zambia Sunday to highlight the need for debt reform in Africa.
Erm.. the markets are too connected and I believe that US should be looking at addressing the issues together rather than finger pointing.
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