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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 This material may not be published, broadcast, rewritten or redistributed.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 105 105 14,148
MORTGAGES 109 109 16,413
FORECLOSURE NOTICES 0 0 0
BUILDING PERMITS 168 168 29,329
BANKRUPTCIES 63 63 9,386
BUSINESS LICENSES 22 22 4,625
UTILITY CONNECTIONS 54 54 10,290
MARRIAGE LICENSES 34 34 3,386

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