The US will be forced to fund a massive increase in its budget deficit with short-term debt, analysts have said, with consequences for money markets and the battle against inflation.
The Congressional Budget Office, the independent fiscal watchdog, this week said aid packages for Ukraine and Israel would help push up the US deficit this fiscal year to $1.9tn — compared with its February prediction of $1.5tn.
“We are spending money as a country like a drunken sailor on shore for the weekend,” said Ajay Rajadhyaksha, global chair of research at Barclays.
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