Getting Close to the Financial Doom Loop
Heritage Foundation economist E.J. Antoni tells Natalie Winters that for the last fiscal year the country borrowed a massive $1.7 trillion. Today, the U.S. Treasury announced it will borrow another $1.6 trillion, but not for one full year. Nope, this is just for the next six months. "That's almost as much borrowing for six months as we had the entire previous fiscal year," Antoni said. "The last fiscal year, by the way, was more than a 20 percent increase compared to the year before that."
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