{"id":39971,"date":"2018-10-31T13:07:22","date_gmt":"2018-10-31T18:07:22","guid":{"rendered":"http:\/\/olduvai.ca\/?p=39971"},"modified":"2018-10-31T13:07:22","modified_gmt":"2018-10-31T18:07:22","slug":"treasury-announces-record-debt-sale-in-upcoming-refunding-auction","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=39971","title":{"rendered":"Treasury Announces Record Debt Sale In Upcoming Refunding Auction"},"content":{"rendered":"
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Treasury Announces Record Debt Sale In Upcoming Refunding Auction<\/a><\/span><\/h3>\n<\/div>\n
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Treasury Secretary Steven Mnuchin is about to surpass Timothy Geithner’s achievement of selling a record amount of notes and bonds as he seeks to finance America\u2019s soaring budget deficit.<\/p>\n

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According to the latest quarterly refunding statement,<\/a> the US Treasury is about to sell a record amount of debt, surpassing levels seen both in the aftermath of the Great Depression and the Global Financial Crisis.<\/p>\n

On Wednesday, the US Treasury Borrowing Advisory Committee unveiled <\/a>that it will increase the amount of debt to be sold at the upcoming quarterly refunding auctions to $83 billion from $78 billion three months earlier<\/strong>. This will be the fourth straight quarter of increasing refunding auction sizes and is driven by the soaring US deficit shortfall, which in 2018 hit $779 billion the highest since 2012, as well as the Fed’s ongoing balance sheet shrinkage.<\/p>\n

Here are the details of the TBAC’s proposal<\/a>:<\/p>\n