The Debt Bubble Bursts: Markets Lose Patience For years, Wall Street has been in denial about the crippling weight of US debt, despite warnings from experts and rating agencies.
But the recent global bond selloff that sent yields soaring to their highest level in two decades has finally brought this uncomfortable truth to the forefront.
The federal budget's interest costs have ballooned, gobbling up an increasingly large share of expenditures, while deficits continue to expand.