Optionality
free — the dollar is the world reserve currency and Treasuries the deepest market, so 123.9%-of-GDP debt is financed at will (issuer of the settlement asset). Only real constraint is domestic politics, not markets.
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- Wikipedia — List of countries by government debt (IMF 2025) + analytical (reserve-currency status) reserve-currency issuer; gross debt 123.9% of GDP yet funds at benchmark rates
the working
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