According to the latest quarterly refunding statement, the U.S. Treasury is about to sell a record amount of debt, surpassing levels seen both in the aftermath of the Great Depression and the Global Financial Crisis.
On Wednesday, the US Treasury Borrowing Advisory Committee unveiled that it will increase the amount of debt to be sold at the upcoming quarterly refunding auctions to $83 billion from $78 billion three months earlier. This will be the fourth straight quarter of increasing refunding auction sizes and is driven by the soaring US deficit shortfall, which in 2018 hit $779 billion the highest since 2012.
the debt issuance at this quarterly refunding will surpass the previous record of $81 billion set by former Treasury Secretary Timothy Geithner in 2009 when the U.S. was issuing record amounts of debt to fund its recovery from the Great Recession.
In his official campaign launch address, Trump promised to reduce the $18 trillion debt. On the campaign trail, Trump said he would “freeze the budget,” which has certainly not happened. Shortly before his inauguration, he told Fox News host Sean Hannity that he would “balance the budget very quickly… I think over a five-year period. And I don’t know, maybe I could even surprise you.”
More bullshit from a bullshit artist.
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