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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 This material may not be published, broadcast, rewritten or redistributed.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 66 418 4,451
MORTGAGES 73 475 5,333
FORECLOSURE NOTICES 0 0 0
BUILDING PERMITS 158 814 9,747
BANKRUPTCIES 44 285 3,467
BUSINESS LICENSES 26 163 1,735
UTILITY CONNECTIONS 37 271 3,783
MARRIAGE LICENSES 21 99 1,024

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