Bloomberg is reporting that U.S. investors are buying Treasuries at a faster pace than foreigners for the first time since 2010, aiding the government in its efforts to borrow as total public debt outstanding rises above $16 trillion.

Bloomberg said record-low yields are proving no deterrent to U.S. buyers concerned that unprecedented stimulus by the Fed and Chairman Ben S. Bernanke may neither stimulate the economy nor bring down a jobless rate that has exceeded 8% since February 2009. The government is dependent on demand for its debt as it seeks to finance a budget deficit poised to exceed $1 trillion for the fourth straight year.

Bloomberg noted that while investors outside the U.S. own 50.4% of outstanding Treasuries, up from 49% in May 2011, their share has declined from 55.7% in 2008. China, the biggest foreign owner, has cut its holdings to $1.15 trillion from a peak of $1.31 trillion in July 2011.

To read the Bloomberg story click here.