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Remember that nasty and protracted fight to raise the nation’s debt ceiling last summer?
It cost taxpayers a pretty penny: $1.3 billion.
That’s how much the government paid to cover additional costs of borrowing money during the epic debt battle that dominated Washington last summer, as investors grew jittery over the delay. That uncertainty led to higher borrowing costs for the federal government, according to a Government Accountability Office report released Monday.
“Delays in raising the debt limit can create uncertainty in the Treasury market and lead to higher Treasury borrowing costs,” the watchdog agency said. “GAO estimated that delays in raising the debt limit in 2011 led to an increase in Treasury’s borrowing costs of about $1.3 billion in fiscal year 2011.”
Isnt that a bit ironic??? I think so.
Read more: Debt ceiling battle tab: $1 billion-plus - Seung Min Kim - POLITICO.com
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