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VOL. 126 | NO. 23 | Thursday, February 03, 2011

Treasury Gives New Date for Hitting Debt Limit

MARTIN CRUTSINGER | AP Economics Writer

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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.

Copyright 2011 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 60 120 8,936
MORTGAGES 89 177 12,029
FORECLOSURE NOTICES 0 29 2,457
BUILDING PERMITS 0 188 20,029
BANKRUPTCIES 60 122 7,748
BUSINESS LICENSES 20 36 3,260
UTILITY CONNECTIONS 106 224 11,247
MARRIAGE LICENSES 27 73 2,741

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