Clinton says US economic model works despite woes

Clinton says US economic model works despite woes

Credit: AP

U.S. Secretary of State Hillary Rodham Clinton delivers a speech to the U.S. Chamber of Commerce in Hong Kong, Monday, July 25, 2011. Clinton sought Monday to reassure financial markets in Asia and around the world that America's economy is sound despite its current woes and the deadlock over the national debt. (AP Photo/Kin Cheung)

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by MATTHEW LEE

The Associated press

Posted on July 25, 2011 at 5:08 AM

HONG KONG (AP) -- U.S. Secretary of State Hillary Rodham Clinton is seeking to reassure financial markets in Asia and around the world that America's economy is sound despite its current woes and the deadlock over the national debt.

In a speech Monday to the U.S. Chamber of Commerce in Hong Kong, Clinton predicted a deal on the debt would be reached before the August 2 deadline to avoid an unprecedented default. She said the partisan debate over the debt ceiling was a fact of life in American politics.

World financial markets are warily watching developments in Washington, and China, the largest foreign holder of U.S. debt, is particularly concerned. Clinton appealed to China and others not to lose faith in the American economic model, which she said is resilient and has recovered from numerous past crises.

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