The Great Fiscal Fire Drill
The Treasury Department says it needs to borrow $493 billion during the first three months of this year, a record amount for the first quarter. This is on top of the $569 billion the government borrowed in the fourth quarter of last year. The credit market’s very tight. What if they can’t get the loan? Hmmmm….maybe they could go to some of the banks that got part of the $700 billion bailout money and borrow some of it back?
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