US lurching towards 'debt explosion' with long-term interest rates on course to double

By Philip Aldrick, Banking EditorPublished: 5:44AM BST 06 Jul 2009

Excerpt:

The US economy is lurching towards crisis with long-term interest rates on course to double, crippling the country’s ability to pay its debts and potentially plunging it into another recession, according to a study by the US’s own central bank ...

The US deficit has blown out from 3pc to 13.5pc in the past year but long-term rates are largely unchanged...

Should the cost of raising or refinancing public debt in the markets double, “the debt could just explode”, he said, adding that it would come to a head in “five to 10 years”.

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US National Debt as at today's posting: $11,502 trillion