Don't Blame Me, I Voted For Kerry Message Board

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Politics : Don't Blame Me, I Voted For Kerry

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To: Augustus Gloop who wrote (56422)	11/4/2004 10:00:46 AM
From: redfish	Read Replies (1) of 81568

"After four years of rapidly rising budget deficits, the Treasury announced on Wednesday [ nice timing guys!!! ] that the U.S. government would borrow $147 billion in the first three months of 2005 - a new quarterly record, but one that is likely to be eclipsed before the year is out... U.S. federal tax revenue is lower today, even though the economy is larger, but federal spending has climbed more than 15 percent... The upshot of the rising debt burdens is a skyrocketing growth in U.S. foreign debt obligations, which are increasingly being financed by the central banks of Japan, China and other countries in Asia. That may prove more problematic in Bush's second term, as there are already signs of a declining international appetite for U.S. securities. If that appetite falls off sharply, U.S. interest rates would have to climb to keep money coming into America. "The U.S. bond markets are likely to react very badly," said Nariman Behravesh, chief economist at Global Insight, an economic forecasting company, "as investors begin to worry about the impact of these large deficits on U.S. interest rates, the U.S. current account deficit and the dollar." iht.com

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