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U.S. Offers Foreign Aid to Countries Holding Billions in Treasury Securities

The United States is providing
hundreds of millions of dollars of foreign aid to countries that it borrows
billions from, according to a report by Congress's research arm.

The Congressional Research Service released a report last month, a copy of which Fox
News exclusively obtained, showing that in fiscal year 2010, the latest year
that data was available, the U.S. handed out a total of $1.4 billion to 16
foreign countries that held at least $10 billion in Treasury securities,
including China ($27.2 million), Brazil ($25 million), Russia ($71.5 million),
India ($126.6 million), Mexico ($316.7 million) and Egypt ($255.7
million).

China is the largest holder of U.S. Treasury bonds with $1.1
trillion as of March, according to the Treasury Department. Brazil held $193.5
billion, Russia had $127.8 billion, India owned $39.8 billion, Mexico held $28.1
billion and Egypt had $15.3 billion.


The foreign aid to these countries is earmarked for a variety of
causes, such as HIV/AIDs prevention, combating weapons of mass destruction,
fighting tuberculosis, and counterterrorism efforts.

Sen. Tom
Coburn, R-Okla., who requested the report, sounded the alarm.

"Borrowing money from countries who receive our aid is dangerous for both the donor and
recipient," Coburn said in a written statement. "If countries can afford to buy
our debt, perhaps they can afford to fund assistance programs on their
own.

"At the same time, when we borrow from countries we are supposedly
helping to develop, we put off hard budget choices here at home," he added. "The
status quo creates co-dependency and financial risk at home and
abroad."


Read more: http://www.foxnews.com/politics/2011/06/02/us-offers-foreign-aid-to...

Full
report:
http://www.foxnews.com/interactive/r/politics/2011/06/02/congressio...

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