LOL! CHINA SH!TS ON THE U.S! SAY'S WE HAVE BEER MONEY WITH CHAMPAGNE TASTE!

China had some harsh words for the United States, one day after the U.S.'s long-term credit rating took a major hit with the first-ever major downgrade.

America's biggest creditor said the government needs to learn how to budget better, amid the growing international debt crisis.

"The U.S. government has to come to terms with the painful fact that the good old days when it could just borrow its way out of messes of its own making are finally gone," China's official Xinhua news agency, which acts as a propaganda wing for the Chinese government, said on Saturday.

The lecture comes a day after the S&P downgraded America's credit rating from the highest AAA to AA+ amid fears that Washington cannot come up with a plan to tackle its $14 trillion in debt.

"The downgrade reflects our opinion that the fiscal consolidation plan that Congress and the Administration recently agreed falls short of what, in our view, would be necessary to stabilize the government's medium-term debt dynamics," S&P said.

China seems to agree -- as the crash sent Hong Kong shares to their lowest level in 10 months and the Chinese Enterprises Index tumbling 4.73 percent.

In the commentary, Xinhua scolded the US for its "debt addiction".

"China, the largest creditor of the world's sole superpower, has every right now to demand the United States address its structural debt problems and ensure the safety of China's dollar assets," it said, according to Reuters.

America's biggest creditor wasn't the only slamming the red white and blue for lack of fiscal responsibility. British Business Secretary Vince Cable called the credit downgrade "predictable" because of "mess that Congress created a few weeks ago when they couldn't agree on lifting the debt ceiling," London's The Telegraph reported.

India also called the situation "grave", according to the report.


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