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Big Picture

Why the U.S. and China Should Be BFF

Only one country has the cash for our debt.

One of the most important administration appointments is ambassador to China, Fareed Zakaria writes in Newsweek. If a working relationship between Washington and Beijing isn't maintained, "things could get very, very ugly," he suggests. "In order to run up these deficits—which could total somewhere between $1 trillion and $1.5 trillion, or between 7 and 11 percent of GDP—someone has to buy American debt. And the only country that has the cash to do so is China."

Read it at Newsweek

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