20 trillion, not billion. Economically, this 20 trillion of debt reflects the private sector's desire to save as much as it does the US government's desire to

20 trillion, not billion. Economically, this 20 trillion of debt reflects the private sector's desire to save as much as it does the US government's desire to spend. It is economically damaging to remove treasury instruments as a savings vehicle. We have already seen what happens when the interest rates on them are plunged to zero - asset bubbles popping up all over the place. There is no theoretical reason why local currency denominated debt instruments cannot keep being issued indefinitely. Only cretinous goldbugs and other people who do not understand how money works try to argue that there's a solvency risk.