P.M. BRIEFING : Treasury Delays 2nd Bill Auction
WASHINGTON — The Treasury Department announced today it is postponing its weekly 13-week and 26-week bill auction, the second auction to be delayed within a week because of congressional inaction on debt limit legislation.
The debt limit dropped from $3.195 trillion to $3.12 trillion last Saturday, leaving the Treasury no authority for further borrowing until Congress raises the ceiling.
The Treasury had planned to auction $9.4 billion of both 13-week and 26-week bills today. Last Thursday, it announced postponement of an auction of $10.75 billion in 52-week bills.
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