Chickens coming home to roost

"WASHINGTON — The United States government is financing its more than trillion-dollar-a-year borrowing with i.o.u.’s on terms that seem too good to be true.

But that happy situation, aided by ultralow interest rates, may not last much longer.

Treasury officials now face a trifecta of headaches: a mountain of new debt, a balloon of short-term borrowings that come due in the months ahead, and interest rates that are sure to climb back to normal as soon as the Federal Reserve decides that the emergency has passed."

And we even haven't discussed Iraq, Afghanistan and the defense budget as prime drivers of same. Sounds like Bush Lite to me. To get more info, the NY Times Debt Bomb is a viable way to go.