is Richard Wilkins’ (of the More Liberty blog) apt description of the Economic Policy Institute’s latest Economic Snapshot which details the growing federal debt and the growing amount of that debt held by foreigners:

“Using Congressional Budget Office (CBO) projections for different scenarios, the Center on Budget and Policy Priorities estimates that the federal debt will rise to $6.7 trillion by 2011 under current policies. If foreign lenders continue to buy 80% of new federal debt, the federal government will owe more than half—$3.8 trillion dollars—to foreign lenders by 2011, which is equivalent to 23% of expected gross domestic product that year.”