Sunday Jul 24, 201105:31 PM GMT
British minister criticizes US debt deadlock
Sun Jul 24, 2011 5:33PM
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British Business Secretary Vince Cable

British Business Secretary Vince Cable has attacked "right-wing nutters" in the United States for rejecting a debt deal, saying they pose a bigger threat to the world economy than the euro zone crisis.

 

The comments by Cable, a Liberal Democrat who is one of the most outspoken members of Britain's coalition government, came as President Barack Obama vied with Republican lawmakers for a deal to avert an unprecedented debt default.

 

"The irony of the situation at the moment, with markets opening tomorrow morning, is that the biggest threat to the world financial system comes from a few right-wing nutters in the American Congress rather than the euro zone," Cable told the BBC.

 

A new debt deal struck in Europe to prevent a default by Greece, a move which could also help struggling Ireland, proved that the European Union was now showing the United States the way to go, he added. AFP

 

FACTS & FIGURES

Foreigners hold about 47 percent of U.S. public debt. CS Monitor

 

The largest foreign holder of the U.S. public debt is China holding 9.8 percent. Next comes Japan, with 9.6 percent, and the United Kingdom, with 5.1 percent. CS Monitor

 

The U.S. officially hit its $14.3 trillion debt ceiling on May 16, 2011. WSJ

 

The U.S. government could potentially default on its debts on August 2. Industry Leaders Magazine

 

ARA/KA/DB

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