Edit: I am answering a simple question. I am not offering any interpretation or comments. So I don't know why commentators are trying to drag me into a debate.
That's... not how US debt works. Countries use the dollar as a reserve currency through buying up treasury bonds. It's simply a safe place to park their money. The US 'owes' China 1.2 trillion in the same way your bank 'owes' you the balance of your checking account.
