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August 6, 2011 7:45 AM / thedailybeast.com.
China, the largest foreign holder of U.S. federal debt, took to its official news outlet to criticize the United State's financial management following the S&P downgrade.
The U.S. needs to “cure its addiction to debts,” said a commentary in the New China News Agency.
It also called for “substantial” cuts to the “gigantic military expenditure and bloated social welfare costs” in order to prevent future downgrade.
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