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.Read the rest here.
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.
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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?
ReplyDeleteI 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.