A senior Chinese official has warned
that the "clock is ticking" to avoid a
US default that could hurt China's
interests and the global economy.
China, the US's largest creditor, is
"naturally concerned about
developments in the US fiscal cliff",
vice finance minister Zhu Guangyao
said.
Washington must agree a deal to
raise its borrowing limit by 17
October, or risk being unable to pay
its bills.
He asked that "the US earnestly take
steps to resolve" the issue.
US Treasury Secretary Jacob Lew has
said that unless Congress agrees an
increase in the debt ceiling by 17
October, Washington will be left with
about $30bn (£18.6bn) in cash to
meet its obligations - about half the
$60bn-a-day needed.
'Inseparable'
For many governments and investors
the approaching deadlock over the
debt ceiling is far more critical than
the current impasse over the federal
shutdown caused by Congress's
failure to agree a new budget.
On Sunday Republican House Speaker
John Boehner reiterated that
Republican lawmakers would not
agree to raise the debt ceiling unless
it included measures to rein in public
spending.
Mr Zhu said that China and the US
are "inseparable". Beijing is a huge
investor in US Treasury bonds.
"The executive branch of the US
government has to take decisive and
credible steps to avoid a default on
its Treasury bonds," he said.
"It is important for the US economy
as well as the global economy."
"We hope the United States fully
understands the lessons of history,"
Mr Zhu said, referring to a similar
deadlock in 2011 that led to a
downgrade of the US "AAA" credit
rating.
That deadlock ended with an
eleventh-hour agreement.
'Strong suspicion'
On Monday, President Barack Obama
said he would not negotiate with
Republicans in the House of
Representatives "under the threat of
economic catastrophe".
He said that he and the Democrats in
Congress had already agreed to fund
the US government at levels that were
favourable to Republicans but lower
than preferred by the Democrats.
There is little doubt that Mr Boehner
could whenever he wants gather
enough votes from moderate
Republicans and most all Democrats
to reopen the government, says Dick
Meyer, BBC executive producer,
America.
Mr Obama called on Mr Boehner to
allow his caucus to "vote their
conscience" on a bill that would fund
the government.
"If Republicans and Speaker Boehner
are saying there are not enough
votes, then they should prove it," he
said, adding he had a "strong
suspicion" there would be enough
Republicans to join Democrats in the
House of Representatives to pass the
bill.
"Let the bill go to the floor and let's
see what happens. Just vote."

http://bbc.co.uk/news/business-24426881

30 billion dollars is all U.S. has in the bank the owner Zara's clothing store has more money in the bank then the US. Bill Gates has double the money of his country of origin Thank God I have finished and am on my way home