The spike in the number of individuals directly holding Treasury bills makes it more likely that the government will find its way to raising the debt ceiling.
Why it matters:
The biggest reason the debt ceiling is such a big political problem is that most Americans don't care about it, and most of those who do think that its existence is a good thing and that it shouldn't be raised. Holders of T-bills, by contrast, are acutely aware of the necessity that the government pays its debts in full and on time.The kind of people who are engaged enough to buy T-bills also tend to be voters with relatively unfettered access to their local member of Congress. After all, very few people buy T-bills unless they're first maxed out on their $10,000 allocation of I-bonds.Raising the debt ceiling is still not going to be easy.
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