Liz Capo Mccormick and Saleha Mohsin Bloomberg News Published 9:25 PM EDT Sep 16, 2019 New York – Donald Trump’s big idea to refinance America’s burgeoning debt by selling ultra-long-term bonds, locking in historically low interest rates for a half-century or more, has never been all that popular on Wall Street. But even if he goes through with it, there’s little chance it will actually save taxpayers much money as the deficit spirals toward $1 trillion. The Treasury Department shelved the idea of ultra-long bonds after a tepid reception just two years ago. But it resurfaced during an economic briefing in the Oval Office on Aug. 14 – the day that rates on 10-year U.S. debt fell below those due in two years, according to one person familiar with the matter. Treasury Secretary Steven Mnuchin and his top economic adviser Larry Kudlow suggested ultra-longs to Trump, who wanted to learn more, the person said. Two days later, Mnuchin announced the government was once again considering issuing 50- or even 100-year bonds. The flaws in their plan, at least among those on Wall Street, are obvious. First, with a public debt burden of about $16 trillion and rising, it’s unlikely the… Read full this story
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