Foreigners less willing to finance debt

Foreigners are less and less willing to finance our debt:

Today, the Treasury Department reported a plunge in foreign purchases of long-term U.S. government debt. It fell to $11 billion in April, from $55 billion the month before…

It’s ridiculous for people to think that we’re going to be able to borrow our way out of this financial crisis. Certainly we have to at the beginning, but unless it’s reined in very, very quickly, down the road it will get uglier.

Our government is going to have to cut its deficits and debt before we fall into financial ruin. And that means more than drop-in-the-bucket $100 million cuts.

More here.

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