THE TREASURY MESS,: Bold Action Needed to Manage the Debt


TESTIFYING before the Senate Finance Committee, George M. Humphrey made an unusual admission for an outgoing Secretary of the U.S. Treasury. The nation's finances, he agreed, were "in a mess" when he took office in 1953—and they are still in a mess. Democrats went much farther, cried loudly of a crisis at the Treasury. Reason: in the next twelve months, the Treasury must refinance some $75 billion (28%) of the U.S. debt, and do it in a market where Government bonds are at their lowest level since the Depression, and interest...

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