The US Government just can’t seem to stop its budget and debt woes from getting worse. The size of the 4 week bill announced today is $6 billion more than the Treasury Borrowing Advisory Committee had estimated it would be back in August. The Treasury will overshoot its borrowing estimates this week by a whopping $12 billion. The assumptions underlying the Treasury’s projections continue to be proven wrong week in and week out. Revenues continue to run weaker than expected and outlays continue to be more than expected. On the week the Treasury will borrow $58 billion in new paper. The Fed’s scheduled purchases will barely make a dent in that. This is a runaway train.
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