Posted on 08/02/2011 7:06:47 PM PDT by NoLibZone
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WASHINGTON: The US Treasury said Monday that it will step up borrowing after the debt ceiling is raised, expected this week if a highly contentious legislation crafted over the weekend clears Congress.
In its quarterly funding plans, the Treasury said it expected to issue $331 billion in net debt in the July-September quarter, up from $190 billion in the previous period.
But the third-quarter forecast was $74 billion lower than originally forecast in May.
During October-December, the Treasury will borrow another $285 billion, it said. The projections assume it will have a cash balance of $100 billion at year-end.
The forecast came as Democratic and Republican Party leaders in Congress both strained to get rank-and-file support for a bill on spending cuts that would also raise the country's statutory $14.3 trillion borrowing ceiling, allowing the government to continue to meet its spending commitments.
Since May 16 the Treasury has been operating at the $14.3 trillion level, unable to increase borrowing despite mounting spending pressure.
if any r voted for this crap, they voted to ENSLAVE you.
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