As WND has reported, the U.S. Treasury is preparing to borrow $6.5 trillion thru 2010, an amount that would increase by 65 percent in two years the $10 trillion in national debt accumulated since George Washington was president.


WND has reported the U.S. government faces more than $65 trillion in unfunded Social Security and Medicare benefits scheduled to be paid out largely to baby boomer retirees in coming decades.

Foreign nations now hold $1.6 trillion of U.S. government debt, with Asia, including China and Japan, holding half of the outstanding public-owned U.S. Treasury bonds.

China now directly or indirectly holds more than $1.2 billion of U.S. Treasury bonds.