The US will need to refinance almost half of its national debt in less than 2 years.
Let's not forget that interest rates were at 0% just 15 months ago.
Wait until these debt instruments need to be rolled over at 5% rates.
One thing is true:
None of us own enough hard… pic.twitter.com/qR7HVVBV1e
— Otavio (Tavi) Costa (@TaviCosta) June 1, 2023
via CNN:
Desperate times are calling for desperate measures at the Treasury Department. For the first time since 2007, the department is set to auction $15 billion worth of one-day cash management bills on Friday that will be issued on June 5
This comes as the Treasury’s cash balances hover around $37 billion, the lowest level since 2017. Since the debt ceiling was initially breached in January, the Treasury hasn’t been able to borrow more money to pay its bills. If lawmakers don’t raise the debt ceiling by June 5, the Treasury is poised to run out of funds to meet its full obligations, Treasury Secretary Janet Yellen warned.
Congress appears to be on track to avoid that scenario. The House of Representatives passed the debt deal House Speaker Kevin McCarthy cut with President Joe Biden on Wednesday. Now its fate rests in the hands of the Senate and Biden, who vowed to quickly sign it into law.
Cash management bills mature in a relatively short time frame, ranging from a few days to a year, according to the Treasury. They’re used to help manage the Treasury’s short-term financing needs.
Just one word of caution.
The #CBO is NEVER right with its forecasts.
Okay…it was eight words. pic.twitter.com/DQ0AUlCEi7— Lance Roberts (@LanceRoberts) June 2, 2023
Iraq & Afghanistan combined were at least $7 trillion added to the national debt.
The unneeded Covid shutdowns cost us another $3 trillion at least.
Those misadventures by the government are $10 trillion of our $31 trillion in debt. t.co/Xcgr7kFoe5
— Wall Street Silver (@WallStreetSilv) June 1, 2023
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