Debt ceiling battle tab: $1 billion-plus

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.”
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beerftw said:

1.3 billion cost made me laugh,the government can spend that in seconds,yet you cry about it,but not about all of obamas corporate welfare or hid drone strikes that cost alot??????

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AdamT said:

You make me laugh. Last time I checked $1.3 billion is more than double the cost of the Solyndra loan that conservatives have been howling about for months. And because the debt-ceiling debacle resluted in higher financing costs, the total will continue to rise for years to come.

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washunut said:

Higher financing costs for years? Looked at the 10 year treasury rate recently???

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