William (aka Bill the Godfather)

William (aka Bill the Godfather)

Friday, July 09, 2010

U.S. marks 3rd-largest, single-day debt increase

The nation's debt leapt $166 billion in a single day last week, the third-largest increase in U.S. history, and it comes at a time when Congress is balking over higher spending and debt has become a key policy battleground.

The one-day increase for June 30 totaled $165,931,038,264.30 - bigger than the entire annual deficit for fiscal year 2007 and larger than the $140 billion in savings the new health care bill will produce over its first 10 years. The figure works out to nearly $1,500 for every U.S. household, or more than 10 times the median daily household income.
Read the rest here.

1 comment:

The Anti-Gnostic said...

Something I have never understood: is the US selling enough short & long term bills to cover its deficit? Or is the Fed flat out papering the deficit over?

I find it hard to believe that the markets can soak up over over one trillion dollars of debt per year at long term rates no higher than 3%, but perhaps it can. What strange times.