Free Republic

The New York Times editorial board seems to have rediscovered basic economics: excessive federal government borrowing is “unsustainable.” Thanks, Captain Obvious! The Times released a July 5 editorial headlined, “America Is Living on Borrowed Money,” admitting that the U.S. “now borrows heavily during periods of economic growth to meet basic and ongoing obligations. It’s increasingly unsustainable.” In fact, per The Times, “By 2029, the government is on pace to spend more each year on interest than on national defense.” The Times cited research from the Congressional Budget Office (CBO), which estimated that the annual federal budget deficit over the next...

UNCLE SAM IN HOCK: Treasury Needs $1 Billion to Cover Shortfall Associated Press Published 04. 29. 02 at 17:13 Sierra Time WASHINGTON — The government, in a sharp reversal of earlier borrowing plans, said Monday that it plans to tap $1 billion from the credit markets this quarter to compensate for lower-than-expected income-tax payments and to cover the cost of this year's economic stimulus package. The Treasury Department projected in January that it would actually retire a big chunk of the national debt — $89 billion — rather than increase its borrowing in the April-June quarter. "The stimulus package enacted...