More Than Ever, the U.S. Spends and the Foreigners Lend

By FLOYD NORRIS

Published: October 1, 2005

WHO will end up paying for Hurricane Katrina? Or for the war in Iraq? Or for any other spending that Congress chooses to authorize?

To an extent not seen in previous periods of rising federal deficits, the answer is that it will not be Americans who put up the cash, but foreigners.