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Posted by / 25-Jun-2016 15:51

That depends, in part at least, on whether the administration can get Congress to increase the country’s debt ceiling.

But total payments will be way short of those numbers.

The 400-mile-wide (640-kilometer-wide) storm blew ashore in the mostly cleared-out Florida Keys, then marched up its western coast, its punishing winds extending clear across to Miami and West Palm Beach on the Atlantic side.

Irma, which has killed at least 28 people after pushing through the Caribbean, was considered a life-threatening danger in Florida as well, and could inflict a natural disaster causing billions of dollars in damage to the third-most-populous US state. Martin, people began to gather, quietly planning for survival after Hurricane Irma.

While Irma raked Florida's Gulf Coast, forecasters warned that the entire state was in danger because of the sheer size of the storm.

So there are always losers even in narrow economic terms – businesses that close forever – and anyone trying to put numbers on the impact of catastrophe should appreciate that the macro-economic story, however positive, has many micro-economic miseries within it.

The governor of Texas, Greg Abbott, has estimated that damage from Harvey will be between 0bn and 0bn.

If that is right, it will be the most costly such disaster ever – greater even than Katrina, which devastated New Orleans in 2005, or Sandy which hit New York and other East Coast cities in 2012.

We don’t yet know how much Federal help there will be.

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In one of the largest US evacuations, nearly seven million people in the Southeast were warned to seek shelter elsewhere, including 6.4 million in Florida alone.