The U.S. budget deficit keeps climbing, approaching 8 percent of GDP as the 12-month trailing shortfall reached $2.1 trillion in May.  Budget receipts in May were down 20 percent year-on-year, most likely due to lower tax receipts from a slowing economy, falling capital gains receipts, and some technical factors. 

Financing all this without the central banks or a spike in real interest rates will be challenging.  Stay tuned.