Vice President Biden will tout the debt ceiling deal during a trip to China and Japan, two holders of huge amounts of U.S. debt.
Biden will travel to top lender China on Wednesday and to Japan, the second-biggest holder of U.S. bonds, on Aug. 22.
Standard & Poor’s downgraded the nation’s AAA rating to AA+ a few days after Obama signed the legislation. S&P had called for a $4 trillion package, and said it was left uncertain that U.S. politicians could agree to a larger deficit-reduction package.
Biden will also push China to allow its currency to rise against the U.S. dollar. Democrats in Congress are clamoring for legislation to punish China for keeping its currency undervalued, something it does to make its exports cheaper compared to U.S. products.Continue reading →