According to this GAO report, last year's delay in raising the Federal debt limit, by reason of Congressional brinkmanship, "led to an increase in the Treasury's borrowing costs of $1.3 billion in fiscal year 2011," and will continue to cost us money in the future.
This was not even a transfer (to the U.S. and foreign investors who would have been paid less interest otherwise) - it was purely waste, since the investors were merely being compensated for uncertainty about whether and when they'd be paid.
Monday, July 23, 2012
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