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Within the next 12 months, the US Treasury will have to refinance $2 trillion in short-term debt. Additional deficit spending is estimated to be around $1.5 trillion. That means the Treasury will have to borrow $3.5 trillion in only one year. That amount is equal to nearly 30% of the entire US GDP.
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China could see an end to its bubble from too much debt, but it will probably not occur in the near term. However, huge rising debt and interest will affect the United States in the next five to 10 years.
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When the French invented the metric system in 1795, two years after they changed the calendar, they decimalised everything except time. What if they had not?
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Shadi Katyal
1 decade agoWe have many such dooms day writers and India for one like to hear about it. Unfortunately one forgets that it is the econmic power and honesty of a nation which gets credit.The writer should first read the development of US and how money was poured and still this nation can go out and get as much credit it needs. Why??? Because China may become numero uno as economic power but without help of US Consumers, China suffers.
The writer should also tell us what is the GDP percentage of this amount and why has USA been able to borrow from all over the world without loosing her credit ratings.
We have been reading such articles ever since country got in trouble.