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July 24th, 2012 
FAKE NEWS for the Zionist agenda The 2011 Republican-Democrat dispute over raising the debt limit created uncertainty in the Treasury market and led to higher borrowing costs for the government, the Government Accountability Office (GAO) reported on Monday
The nonpartisan congressional watchdog added that in addition to the 1.3 trillion dollars in higher interest rates for fiscal 2011, multi-year Treasury securities issued last year will also continue to accrue higher interest costs for years to come.
“Accordingly, the multiyear increase in borrowing costs arising from the event is greater than the additional borrowing costs during fiscal 2011 alone,” the report added.
In 2011, Some Republican lawmakers refused to agree on raising the US debt ceiling without concessions from Democrats to reduce massive budget deficits, which have exceeded 1 trillion dollars since President Barack Obama took office in 2009.
The GAO report notes that the political wrangling also forced Treasury staffers to work overtime trying to figure out when the United States might hit its absolute borrowing limit and how to juggle resources so as to avoid debt default.
The debacle also cost the United States its top-tier, triple-A credit rating from Standard and Poor’s rating agency.
The debt limit, the legal amount the US Treasury is allowed to borrow, currently stands at 16.4 trillion dollars, a figure that the US treasury will hit before the end of 2012.
Washington owes about 47 percent of its debt to foreigners. The biggest creditors are respectively China, Japan and the United Kingdom.
PG/JR
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