Lawmakers criticize U.S. aid to creditor China

[OhioChick]

Source: AP

Tuesday, November 15, 2011, 6:35 PM

WASHINGTON -- Lawmakers say it's an insult to the American people: The United States is borrowing money from China only to give some of it right back as foreign aid. And that, they say, is bolstering Chinese businesses that compete with American companies in hard economic times.

A House hearing Tuesday provided a venue for Republicans to pounce on the Obama administration when wasteful spending, questionable foreign aid and US-China relations are all hot issues ahead of next year's elections.

But an administration official told lawmakers there was no money going to the Chinese government or Chinese companies. In fact, it helped American companies trying to do business in China. And the idea for the aid? That actually came from Congress when it was under Republican control.

Aid to China -- $275 million worth over 10 years -- has been approved while control of both Congress and the White House has shifted between the parties.

Read more: http://www.cleveland.com/business/index.ssf/2011/11/lawmakers_criticize_us_aid_to.html

[BadtotheboneBob]

1. Does anybody really know what the heck's going on?

The inmates are running the asylum.