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America is America's biggest creditor

3 years 5 months 2 days ago April 29, 2013 Apr 29, 2013 Monday, April 29 2013 April 29, 2013 6:28 PM in News
Source: Associated Press
By: Michael Marsh

WASHINGTON- Despite what you've heard, China isn't the country's biggest creditor, America is. The national debt is soon to be a staggering $17 trillion and the bulk of that is held by the Federal Reserve, Social Security system, various pension plans for civil service workers and the military, mutual funds, private pension plans, insurance companies and individual U.S. investors. China accounts for a little more than 7 percent of that total debt. But China continues to be a favorite target for politicians from both parties and the top poster child for financing America's deficit spending.

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