If Mr Osborne still has his heart set on preserving the country's top rating - and he apparently does - he will not see this modest reduction in borrowing as a reason to ease up.
But even if the Bank of England's inflation confidence is well founded, there is another reason to fear borrowing costs for the Treasury may rise a fair bit.
And it's important to understand that part of the reason that they are borrowing on their homes, they're borrowing on credit cards, is that the banks and financial institutions have dominated policy in Washington.
For Labour and other critics, the slow growth and higher-than-expected borrowing we have seen since 2010 are reason to change course.
The main reason to worry about government borrowing is that it could push up long-term interest rates, crowd out private-sector investment and hamper growth.
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Appropriations and borrowing are separate powers, require separate votes, and the reason no president before asserted that he had the right to borrow as much as he wanted against the explicit legal limit of congress is because both powers, appropriations and borrowing, are explicitly given to the Congress, not to the president.
The reason the debt limit fails to limit both spending and borrowing is the initial conditions established in federal law predetermine the outcome by making an increase in the debt ceiling and more borrowing virtually inevitable.
The stated reason is that this is to take advantage of currently low borrowing costs.
Low interest rates are great for large companies for the simple reason that they are able to substitute debt for equity at very low borrowing costs.
One reason to worry is that newly debt-free countries could be tempted to rash new borrowing.
The reason: payments on the debt are deferred 20 years, dramatically increasing the total cost of the borrowing.
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