According to the Dow Jones new service, the US will exceed its borrowing limit on Monday.
WASHINGTON -(DowÂ Jones)- The Treasury Department auctioned $56 billion in newÂ debt Tuesday and Wednesday, enough to take the U.S. over its federal debt ceiling when the three- and 10-year notes settle on Monday.
Treasury officials last month flagged May 16 as the day the government would hit the $14.294 trillion debt limit.
The U.S. is selling $72 billion in new debt over three days this week. The Treasury auctioned $32 billion in three-year notes Tuesday and $24 billion in 10-year notes Wednesday, and will sell $16 billion in 30-year bonds Thursday. All of the auctions will settle Monday.
As of Tuesday, total debt subject to the limit was $14.274 trillion, according to the Treasury Department.
Although we’ve heard narratives that borrowing would not exceed authorizations until July or even August, it seems reality may have overtaken us.
Wonder if the MSM is going to be talking about this?