Opinion: America's dogfight over debt woes worsening - People's Daily Online: "The dogfight between the two major US political parties on whether to raise the federal deficit ceiling and avoid a default on American debts has just begun.
The stakes are high that, if no agreement comes out, the US would be sent to another financial crisis and the global economy would face the dim prospect of another great recession.
China, now holding more than 8 percent, or nearly $1.2 trillion US Treasury bonds, is certainly concerned about the quagmire, as the security of the debts repayment is on the line.
Currently， Chinese online chat-rooms are awash with ordinary people's demands for Beijing to draw down its purchase of American debts, and shift to other securer investments including buying more oil and resources as strategic reserves."
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