Treasury: Debt Sales Surpass Levels After Great Recession

The Treasury Department announced Wednesday that debt sales in the U.S. will surpass levels seen just after the Great Recession, Bloomberg reports. Budget shortcomings, reportedly fueled by “tax cuts, spending hikes and an aging population,” caused the Treasury to raise its “long-term debt issuance” to $83 billion—compared to the $78 billion it set three months ago. Borrowing is on the rise as the economy grows at 3.5 percent annually and unemployment is reportedly at a “a half-century low.” In remarks Wednesday, Deputy Assistant Secretary for Federal Finance Brian Smith dismissed concerns over demand for Treasuries. “The Treasury market is the deepest and most liquid market in the world, and we’ve been able to finance the deficit effectively through all kinds of economic environments,” he said. “I’m confident that we’ll be able to continue to issue securities and fund the government at the lowest cost to the taxpayer.”