Clueless in Washington DC
Clinton asks China to buy US debt
US Secretary of State Hillary Clinton has urged China to keep buying US debt as she wrapped up her first overseas trip, during which she agreed to work closely with Beijing on the financial crisis....
... In Beijing, she called on authorities in Beijing to continue buying US Treasury bonds, saying it would help jumpstart the flagging US economy and stimulate imports of Chinese goods.
Obama assures Harper on 'buy American' provision of stimulus
President Barack Obama on Thursday moved to reassure business and trade partners that the "buy American" provision of the economic stimulus package will not further harm the economy...
... Initially, the stimulus bill required that infrastructure projects funded by the legislation could only use U.S.-manufactured materials, such as steel and iron.
The provision was later modified to say that such procurement must conform with existing trade pacts, a concession allowing trade partners such as Canada, Japan, Mexico and others to benefit from U.S. public works spending....
... Daniella Markheim, a trade policy analyst at the Heritage Foundation, said several large countries including Brazil and China do not have government procurement deals with the United States and would be locked out — and could retaliate with tougher protectionist policies of their own.
In the worst-case scenario, Markheim said, "The U.S. could be committing to buy American while the rest of the world is committing to 'don't buy American.' "
While he is begging foreign governments to fiance our debt, Obama wants to stiff them on trade, just as he did the city of Chicago with the bill for his election night party.
This bunch are riding us down the road to ruin.
Obama, Democrats, Politics,