China Warns US on "Debt Bomb"

More and more people are concurring with this analysis.

After months of bitter negotiations with his Republican rivals, US President Barack Obama finally signed an emergency bill on Tuesday that averted what would have been a disastrous debt default for the world's biggest economy.

But in a blistering commentary, China's official Xinhua news agency ridiculed the US political process and warned that the deal had done nothing to change the country's addiction to borrowing.

"The months-long tug of war between Democrats and Republicans... failed to defuse Washington's debt bomb for good, only delaying an immediate detonation by making the fuse an inch longer," the commentary said.

It described the negotiations between the Republicans and Democrats as a "madcap farce of brinkmanship", and lectured US politicians to take more responsible measures to fix their country's economic problems.

Notably, there's also the growing belief internationally that major ratings organizations -- Moody's, Standard & Poor's, etc. -- are guilty of bias for not justifiably downgrading the U.S. credit rating.