Planet Money’s Treasury Bill
The U.S. borrows money constantly. And its reputation as a borrower is rock-solid. If you loan the U.S. government money, you feel very, very sure that you’re going to get it back. But what happens when that reliable reputation is called into question, even a little bit?
With a debt ceiling deadline bearing down, we make a loan to the U.S. government. We buy our own tiny slice of government debt. And then something happens that we really didn’t see coming. That story, plus the story of a $12 billion mistake.
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