The debt ceiling debacle has just cost U.S. taxpayers more than $1.7 billion.And here I thought that the Republicans were concerned about the deficit.
That's the amount of additional interest the government had to pay investors Monday to sell Treasury bills that finance its operations.
To be precise, the extra cost is $1,721,250,000 more in interest payments than the government would have needed to pay investors just two weeks ago, when they were willing to accept far lower rates before the debt ceiling became a crisis.
Applied Rationality focuses on public policy issues and tries to take a liberal perspective that is consistent (comments to the posts will often show otherwise) with neoclassical, rational-choice economics.
Monday, August 1, 2011
The debt-ceiling debacle has already cost us $1.7 billion
CNN/Money reports