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Political commentator KT McFarland told Fox News’ Steve Hilton on Sunday that House Speaker Nancy Pelosi, D-Calif. is “enslaving” the U.S. to China by advocating huge state bailouts to offset the crippling economic impact of the coronavirus pandemic.
The $3 trillion coronavirus bill passed in the House on Friday faces an uphill battle in the Senate, as Majority Leader Mitch McConnell, R-Ky., decried stipulations in the relief package, particularly aid to struggling states as well as other “wishlist” items such as “checks specifically for illegal immigrants,” that he called a “totally unserious effort,” to pass new legislation in the midst of a crisis.
The hefty price tag that would add to the already bulging $3.7 trillion deficit in America due to the pandemic, would force the U.S. to borrow even more from China, McFarland said.
“The United States runs a trillion-dollar deficit every year and that’s when the economy was terrific. Now what are we going to run? Three, four, five trillion-dollar deficit,” McFarland said on “The Next Revolution.”
“Where’s the money coming from? It’s coming from abroad. Who are we going to borrow it from? The largest foreign debtor. The country that buys the most American debt. It’s China,” she added.
China is only second behind Japan for holding the majority of the U.S.’ debt– with $1.09 trillion owed through February 2020, according to the U.S. Department of Treasury.
Pelosi has argued that low-interest rates are an incentive to borrow more for pandemic relief in this fifth round of stimulus bills.
“The interest rates and the prospect of access to credit has bolstered the stock market. We intend to use those interest rates to bolster the American people,” Pelosi said on Friday.
McFarland said China has “weaponized a virus” and will continue to use the U.S.’ debt to its advantage.
“They want to take this crisis that they’re responsible for and they want to come out the other side of it with America greatly– even more greatly– in debt to them,” she said.
“They’re buying up our companies, our industries right now at fire-sale prices and at the same time they’re not helping at all with the recovery of the world.”