Australian Mercantile Collections

The US budget is like an aggressive leveraged finance deal

The US budget is like an aggressive leveraged finance deal

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Not far from Times Square in Midtown Manhattan, a giant screen displays a fast-changing string of 14 digits. Soon the number will flip above $35tn, as the quantity of US government debt spirals to a new record. There is space on the US debt clock for another couple of digits, allowing the display to reach into quadrillions. The only snag: the trajectory of…

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