While they front- and backstab each other, the bond market is starting to demand that somebody do something about massive amounts of federal borrowing.
Does anybody know what the Republican civil war is actually about? Why, exactly, did House Republicans oust Speaker Kevin McCarthy in early October, then spend three weeks finding a replacement?
When there aren’t enough buyers for debt, rates rise, to make it a more attractive investment. That’s what has been happening for the last few months, with the benchmark 10-year Treasury rate rising by a full percentage point even though the Federal Reserve is probably finished raising short-term rates., up from $1.4 trillion the year before. The “real” deficit in 2023, accounting for student debt relief that was enacted then killed by the Supreme Court, was $2 trillion.
Rep. Mike Johnson speaks after he was chosen as the Republicans latest nominee for House speaker at a Republican caucus meeting at the Capitol in Washington, Oct. 24, 2023. Republicans demanding spending cuts normally target tiny, symbolic measures that simply allow them to preen as budget hawks. If they stood for something, they’d go further and force Democrats to muster some kind of response for how to finally get federal borrowing under control. President Biden, for his part, favors higher taxes on businesses and the wealthy, but he wasn’t able to get those through Congress when Democrats controlled both houses, during his first two years in office.
A Ukrainian soldier went to Washington to explain the war. He says American politicians don't realize much of the funding actually stays in the US.
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