Lending perspective on China

Borrowing, like lending, can be hazardous to your fiscal health. That lesson was re-confirmed last week when Tai Shan, the young giant panda beloved of Washingtonians, was flown back to China along with another panda, Mei Lan of the Atlanta Zoo.

Although Tai Shan was born in 2005 at the National Zoo, he belongs to China, and under terms agreed to when the panda's parents were loaned to Washington, China has now called its loan.

Tai Shan will join a Chinese panda breeding project. There was nothing Washingtonians could do to keep their mascot.

So what about those hundreds of billions of dollars China has also loaned Washington and the hundreds of billions more Washington hopes to borrow in coming years to cover its growing budget deficit?

Under the terms of the loans, they, too, will have to be repaid, either with more borrowing or from tax revenues.

The Congressional Budget Office has warned that the nation is mortgaging its future prosperity by running large deficits.

And we are not only risking our economy.

What about Chinese ambitions in the world? At this point, in dollars as in pandas, China holds some high cards.

How wise is it to keep dealing China new ones?