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***Treasury Auctions To Take US Over Debt Ceiling On Monday***

 
WalkingLucid
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05/12/2011 10:10 AM
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***Treasury Auctions To Take US Over Debt Ceiling On Monday***
[link to www.nasdaq.com]

Treasury Auctions To Take US Over Debt Ceiling On Monday


By Jeffrey Sparshott and Jeff Bater, Of DOW JONES NEWSWIRES

WASHINGTON -(Dow Jones)- The Treasury Department auctioned $56 billion in new 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.

The Obama administration has asked Congress to raise the limit, warning that failure to act could lead the government to default by Aug. 2--and could spook investors even before then.

House Speaker John Boehner (R., Ohio) said Monday that any increase in the government's debt limit should be accompanied by trillions of dollars in spending cuts.

"It's true that allowing America to default would be irresponsible. But it would be more irresponsible to raise the debt limit without simultaneously taking dramatic steps to reduce spending and to reform the budget process," he said.

The federal budget deficit widened in April, with the government spending $ 40.49 billion more than it collected last month, a Treasury Department report said Wednesday.

The deficit was the 31st monthly shortfall in a row. With seven months of fiscal 2011 elapsed, the government has spent $869.90 billion more than it has collected.

Even the most aggressive plans wouldn't wipe out budget deficits for years, meaning that debt will continue to mount.

-By Jeffrey Sparshott, Dow Jones Newswires; 202-862-9291; jeffrey.sparshott@ dowjones.com

And This

[link to www.activistpost.com]

WASHINGTON (AFP) - US Federal Reserve chairman Ben Bernanke warned politicians Thursday to raise the country's official debt limit soon or risk destabilizing the financial system.

With the cap expected to be hit Monday and the government still needing to borrow to finance its huge fiscal deficit, Bernanke told a Senate panel that "using the debt limit as a bargaining chip is quite risky."

"It is a risky approach not to raise the debt limit in a reasonable time," the top central banker said.

"At minimum the cost will be an increase in interest rates that will actually worsen our deficit," he said.

"The worst outcome would be one in which the financial system was again destabilized... which of course would have extremely dire consequences for the US economy."

Republicans in Congress have refused to raise the debt limit, which now stands at $14.29 trillion, unless they can get the White House and its Democratic supporters to agree to sweeping long-term spending cuts.


The administration of President Barack Obama has said they could agree cuts but they are also demanding some tax hikes to increase revenues.

On Friday the powerful Republican leader of the House of Representatives, John Boehner, drew a line in the sand over the issue, saying that "without significant spending cuts and reforms to reduce our debt, there will be no debt limit increase."

"And with the exception of tax hikes -- which will destroy jobs -- everything is on the table," he said.

"And the cuts should be greater than the accompanying increase in the debt limit authority the president is given. We're not just talking about billions here. We should be talking about trillions," said Boehner.

The limit will be hit next Monday, after this week's Treasury Department auction of $56 billion in new debt is settled, according to a Dow Jones Newswires report.

But earlier this month Treasury Secretary Timothy Geithner said that because government receipts were running higher than projected, and by cutting certain debt issues, the government could buy several weeks, to about August 2, before it would absolutely have to raise money over the current cap or risk defaulting on its debt.

Last Edited by WalkingLucid on 05/12/2011 04:26 PM
WalkingLucid (OP)

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05/12/2011 10:11 AM
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Re: ***Treasury Auctions To Take US Over Debt Ceiling On Monday***
bump
Anonymous Coward
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05/12/2011 10:13 AM
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Re: ***Treasury Auctions To Take US Over Debt Ceiling On Monday***
bump
 Quoting: WalkingLucid


what does the article mean?
WalkingLucid (OP)

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05/12/2011 10:21 AM
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Re: ***Treasury Auctions To Take US Over Debt Ceiling On Monday***
bump
 Quoting: WalkingLucid


what does the article mean?
 Quoting: Anonymous Coward 1132105


[link to voices.washingtonpost.com]
Anonymous Coward
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05/12/2011 10:21 AM
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Re: ***Treasury Auctions To Take US Over Debt Ceiling On Monday***
tard
WalkingLucid (OP)

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05/12/2011 10:27 AM
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Re: ***Treasury Auctions To Take US Over Debt Ceiling On Monday***
Is this a non story to GLP?
WalkingLucid (OP)

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05/12/2011 04:25 PM
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Re: ***Treasury Auctions To Take US Over Debt Ceiling On Monday***
bump
Anonymous Coward
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05/12/2011 05:49 PM
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Re: ***Treasury Auctions To Take US Over Debt Ceiling On Monday***
Is this a non story to GLP?
 Quoting: WalkingLucid


Mm hmm I think what we are all waiting for IS the default. Until than tptb Still operate the mass daily psop against the unwitted sheep! Lol baaaahhh

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