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ACCORDING TO THE TREASURY THE U.S. WILL HIT ITS DEBT LIMIT IN APRIL/MAY 2011

ACCORDING TO THE TREASURY THE U.S. WILL HIT ITS DEBT LIMIT IN APRIL/MAY 2011

According to the Teasury, the United States will hit a $14.3 trillion statutory limit on its debt slightly later than previously estimated.  The Treasury unveiled a still-hefty debt auction schedule. the Treasury officials said that the limit would now be hit between April 5 and May 31, versus a previous estimate of end-March to mid-May. The later time frame reflected an upward revision to estimates of tax receipts and a downward revision to projected borrowing from the Social Security and Medicare trust funds. Also, the Treasury officials said that they were proceeding with borrowing plans under the assumption Congress will raise the limit without a protracted battle.  This assumption is shared by the financial markets too.

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