Federal deficit takes back seat to stability

10/20/2008 | NYTimes.com

Confronted with a hugely expensive economic crisis, Democratic and Republican lawmakers alike elected to pay the bill for a bailout by borrowing money rather than cutting spending or raising taxes. The problem lurking in the shadows is that while borrowing is relatively inexpensive in a weak economy with plummeting interest rates, the cost will become a much heavier burden when growth returns and interest rates climb.

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