The budget deficit is ballooning, federal spending is only heading higher, and fewer foreign governments are purchasing US debt. These are all the ingredients for a recipe of fiscal disaster.
To help keep the doors of government open, the Treasury Department warned that the federal government will need to borrow more in the second of 2018. In fact, the Treasury warns, its borrowing needs will be the most since the economic collapse a decade ago.
This comes as the country’s fiscal health crumbles even with a booming eocnomy.
According to the Treasury’s projections, the government will issue $329 billion in net marketable debt from July to September, the fourth-biggest total for the third quarter, and another $440 billion from October to December.
In total, second half borrowing will near $800 billion. This is the highest it has been since the $1.1 trillion the government borrowed in the second half of 2018.
What happened to fiscal responsibility by the Republicans?
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