The Treasury kicks off a borrowing bonanza to fund the massive deficits.
President Joe Biden and his administration have warned taxpayers of trillion-dollar deficits over the next decade. But while guaranteeing budget shortfalls is a chief tenet of Bidenomics, determining how to fund these gaps has become much more complicated in recent months. The Treasury Department had a eureka moment to cover the widening deficit: Borrow more. As the iconic Geico television commercial from the early 2000s goes, “It’s so easy a caveman could do it.”
Borrowing for Bidenomics
It was quite a week for the Treasury Department as it made two critical announcements on October 30 and November 1 that will clean up the red ink flowing from Bidenomics and plug the holes in a broken economy.
The first was that the federal government planned to borrow $776 billion in the final three months of 2023,…
