Big Hat tip to Rob Verdi at The 46
Rob Verdi at The 46 is an excellent news aggregator. I've followed his site almost since the inception of my own blog and he has tipped me off to numerous breaking news stories, including the most recent Times article. Rob writes:
Is Obama alone responsible for this, of course not. Has he exacerbated the problems to levels almost unbelievable, heck yeah! as for what next:
"Treasury officials now face a trifecta of headaches: a mountain of new debt, a balloon of short-term borrowings that come due in the months ahead, and interest rates that are sure to climb back to normal as soon as the Federal Reserve decides that the emergency has passed.
Even as Treasury officials are racing to lock in today's low rates by exchanging short-term borrowings for long-term bonds, the government faces a payment shock similar to those that sent legions of overstretched homeowners into default on their mortgages.
With the national debt now topping $12 trillion, the White House estimates that the government's tab for servicing the debt will exceed $700 billion a year in 2019, up from $202 billion this year, even if annual budget deficits shrink drastically. Other forecasters say the figure could be much higher." Read more at The 46
Please remember to add Rob's site to your list of pages for research. I promise you won't be disappointed.