13 JUN 2011

By David Jackson | USA Today

Forget the debt ceiling debate -- the U.S. is already in default, a Chinese ratings agency claims.

"In our opinion, the United States has already been defaulting," said Guan Jianzhong, president of Dagong Global Credit Rating Co. Ltd., reports AFP, describing that organization as "the only Chinese agency that gives sovereign ratings."

U.S. Treasury officials have already said that the government exceeded its $14.3 trillion debt ceiling in April, but that accounting procedures would finance obligations through Aug. 2.

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