China Agrees To Erase Portion Of U.S. Debt

China Agrees To Erase Portion Of U.S. Debt If Americans Dress Up In Costumes And Perform Silly Dance For Them

BEIJING—In what it's describing as a magnanimous gesture toward an economy in decline, the Chinese government announced Monday it would forgive a portion of the staggering U.S. dept, if Americans agreed to dress up in costumes and perform silly dances for their amusement.

With his nation holding $1.16 trillion in federal bonds and the U.S. showing no signs of ending its dependence on foreign credit, President Hu Jintao told reporters that allowing Americans to ease their fiscal burden in proportion to the number and quality of colorful dance numbers they perform is a mutually beneficial arrangement for both countries. MORE