VOL. 126 | NO. 23 | Thursday, February 03, 2011
Treasury Gives New Date for Hitting Debt Limit
MARTIN CRUTSINGER | AP Economics Writer
WASHINGTON (AP) – Treasury officials said Wednesday that the government may not hit its $14.3 trillion debt limit until the end of May, slightly later than anticipated.
Mary Miller, Treasury's assistant secretary for financial markets, said the government has collected more tax revenue than anticipated and that could push the timeframe back two weeks, until May 31.
Treasury officials have said they can make various maneuvers after reaching the debt limit that could delay by eight more weeks an unprecedented default on the national debt.
Congress is gearing up for a heated debate over raising the debt limit. Many Republicans say they will not vote to raise it unless the Obama administration agrees to major cuts in spending.
The slightly later timeframe was made as part of Treasury's announcement of its quarterly refunding debt auctions, which take place beginning next Tuesday.
Treasury said it would auction $32 billion in three-year notes, $24 billion in 10-year notes and $16 billion in 30-year bonds.
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