Wednesday, September 18, 2013

The Treasury Secretary on How Unstable U.S. Government Finances Are


Treasury Secretary Jack Lew made the following statement during remarks today before the Economic Club of Washington D.C.:

[W]e are relying on investors from all over the world to continue to hold U.S. bonds.  Every Thursday, we roll-over approximately $100 billion in U.S. bills.  If U.S. bond holders decided that they wanted to be repaid rather than continuing to roll-over their investments, we could unexpectedly dissipate our entire cash balance. 

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