From marketwatch:
WASHINGTON (MarketWatch) -- The government's voracious appetite for capital was on display Wednesday as the Treasury Department announced plans to auction a record $75 billion in notes and bonds next week in its quarterly refunding auctions.
The department will auction $37 billion in 3-year notes, $23 billion in 10-year notes and $15 billion in 30-year bonds to refund $60.9 billion in maturing securities and raise $14.1 billion, the department said.
So let me see if I understand this. $60.9 billion of our debt is coming due, perhaps this was for an new aircraft carrier fleet, Part of the AIG bailout, or one of the multitude of stupid ways our government wastes money. Time to put this sad chapter of waste behind us right, clean living from now on right? Wrong!
Uncle Sam doing it's best Amy Winehouse impersonation it isn't paying back the payday cash advance, no it's borrowing more money. You see with all this unemployment the tax coffers are a bit thin and raising taxes now would be political suicide, right? I'm sure when this matures in the reasonably near future raising taxes will be the responsible thing to do, we wouldn't kick the can down the road again would we?
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