US debt pile could swell further amid COVID-19 uncertainty: Treasury - Business Insider

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The US debt pile could swell further as COVID-19 drives lasting uncertainty, Treasury Department says

The Treasury Department said Wednesday the pandemic continues to cloud its future borrowing needs.Still, the Treasury's cash balance needs to be reined in ahead of a key debt-ceiling deadline.Even as vaccines are distributed nationwide and COVID-19 cases fall, the US government may need to take on swaths of new debt to get through the pandemic.

Public debt in the US reached a record $27.7 trillion at the end of 2020. The sum stands to soar even higher as Democrats push for additional fiscal stimulus. The Treasury aims to raise $63.1 billion next week across offerings of 3-year notes, 10-year notes, and 30-year bonds. The department plans to keep large cash balances on hand due to"ongoing uncertainty" regarding pandemic-related costs. The balance stood at $1.7 trillion at the end of last year.

"Treasury believes that these changes have created sufficient capacity to address near-term projected borrowing needs," Smith said.

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And whose going to buy TBills at 1.5% ?

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Tax the rich.

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