Crisis drives up deficits once considered unimaginable

01/8/2009 | NYTimes.com

While politicians and economists concede that they are moving into uncharted territory with their support for monumental economic-stimulus plans, they see no alternative to huge fiscal deficits. In the short term, the U.S. Treasury has almost unlimited ability to sell cheap debt because investors see Treasury securities as a safe place to ride out the financial turmoil.

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