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Report Shows U.S. Gives Millions In Foreign Aid To Countries It Is Billions In Debt To

June 7, 2011 by  

America is giving out millions in financial aid to countries that might not need it.A recent report obtained by Fox News revealed that the United States government is sending hundreds of millions of dollars in aid to countries to which America is already deeply in debt.

The Congressional Research Service report showed that in 2010, America gave $1.4 billion to 16 foreign nations that each held at least $10 billion in U.S. Treasury securities, according to the news source.

This foreign aid included $27.2 million to China, which held $1.1 trillion in U.S. Treasury bonds as of March, and $71.5 million to Russia, which holds $127.8 billion in American Treasury securities.

Senator Tom Coburn (R-Okla.) spoke out against such potentially harmful borrowing practices.

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

The release of the report comes shortly after Republican lawmakers told a top U.S. foreign aid official, Rajiv Shah, that he had failed in his effort to help Haiti in the wake of the earthquake that hit the country in January 2010, reports The Associated Press.

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