The past and current administration have run up record deficits, with a large portion of this coming from foreign nations - China in particular. Our dependence on Chinese credit means that they will have a large say in dictating our policies. Nothing is forcing them to buy our bonds, and our budget is dependent upon it. Should they not like our policies, they can elect to not purchase our bonds and hence we will have to cut spending. Even if they don't choose to exercise their power over our budget, at some point they are going to stop buying these bonds because the amounts we owe them will be so astronomical that they will call in question our ability to repay them (I already do). The consequences of this are potentially disastrous.