The $700 billion Wall Street bailout pushed by Treasury Secretary Henry Paulson would push the national debt to its highest level since 1954, driving it above 70 percent of GDP. The budget deficit would also likely rise to an all-time high of more than $1 trillion next year. That in turn could depress demand for U.S. bonds. “This is sobering, absolutely sobering, even to someone who doesn’t drink,” said former congressional budget analyst Stan Collender. (Bloomberg)
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