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The U.S. Government Will Borrow Close To 4 Trillion Dollars This Year

by Michael Snyder, Economic Collapse Blog:

When you add maturing debt to the new debt that the federal government is accumulating, the total is quite eye catching.  You see, the truth is that the U.S. government must not only borrow enough money to fund government spending for this year, it must also “roll over” existing debt that has reached maturity.  Of course the government never actually pays any of that debt off.  Instead, it essentially takes out new debts to cover the old ones.  So the U.S. government is actually borrowing far more money each year than most Americans realize.  For fiscal year 2013, the U.S. budget deficit will be about $845 billion, but on top of that the government will also have to borrow about 3 trillion dollars to pay off old debt that is maturing. 

Overall, the U.S. government will borrow close to 4 trillion dollars this year, and that number will likely be even higher next year.  That is not going to cause a crisis as long as interest rates stay super low, but if interest rates begin to rise substantially, the game will change dramatically.

Read More @ EconomicCollapseBlog.com

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1 comment to The U.S. Government Will Borrow Close To 4 Trillion Dollars This Year

  • Hondo Stalwart

    Ok … so there is 1 million, millions, in 1 trillion … so that is 4 million millions “borrowed” in this year. Hmmmm, that is 10.96 billion per day. So to pay back 4 trillion, lets say at 1 million per day, it would take 4,000,000 days or @ 11,000 years, to pay back what our government borrowed this year alone,2013. This does not include interest. Hahahahahahaha!!

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