China has loaned the United States more than $1 trillion to help cover the federal government’s spiraling national debt, all the while making huge profits in the process, because of an obscure provision of a landmark 1984 tax deal.
“The Department of Treasury maintains a monthly accounting of major foreign holders of U.S. debt that serves as a great reminder of the more than $1 trillion we are in debt to the Chinese,” Sen. Joni Ernst (R-Iowa) said in a June 25 letter to Treasury Secretary Stephen Mnuchin that was obtained late June 29 by The Epoch Times.
