China: U.S. Should 'Live Within Its Means'

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. “China, the largest creditor of the world's sole superpower, has every right now to demand the United States to address its structural debt problems and ensure the safety of China's dollar assets," the commentary said.