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SecDef Austin: Debt Default Would Present Opportunity To China, Hurt Troops’ Pay

Matthew Beinart By
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SecDef Austin: Debt Default Would Present Opportunity To China, Hurt Troops’ Pay
Secretary of Defense Lloyd J. Austin III, Michael J. McCord, Under Secretary of Defense (Comptroller) and Chairman of the Joint Chiefs of Staff Gen. Mark Milley provide testimony at a Senate Appropriations Subcommittee on Defense hearing on the fiscal 2024 budget request for the Department of Defense, Dirksen Senate Office Building in Washington, D.C., May 11, 2023. (DoD photo by Chad J. McNeeley)

Defense Secretary Lloyd Austin told lawmakers on Thursday a debt default could have a “substantial risk” to the U.S.’ global reputation and present an opportunity for China to exploit the situation. “Well, certainly, it would impact our reputation worldwide. We are known for being very dependable, paying our bills on time and a source of stability globally,” Austin said during a Senate Appropriations Defense Subcommittee (SAC-D) hearing. “There’s just a number of things that we’re working with allies and partners…

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