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.
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.
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.