The US Treasury is scheduled to sell $235 billion dollars in various forms of debt over the next week.
70 day CMBs, $30 billion (tomorrow)
13 week Bills, $32 billion (July 27th)
26 week Bills, $31 billion (July 27th)
52 week Bills, $27 billion (July 28th)
2 year Notes, $42 billion (July 28th)
5 year Notes, $39 billion (July 29th)
7 year Notes, $28 billion (July 30th)
19 year, 6 month TIPS (reopened), $6 billion (July 27th)
(ht Marketwatch -- a bit rightwing but still some interesting info)
Marketwatch
Never has this much debt been sold by the US government in one weeks time.
If you are like me, this amount of money is simply incomprehensible. I have been thinking about where the $2-3 trillion was going to come from over a years time.
Several of the previous debt auctions have been weak, and the Federal reserve has bought some debt as part of their quantitative easing program.
As the original article that I read this in suggested, this rate of debt sold is equivalent to selling $12 trillion in debt over the course of a year.
At some point, this becomes unsustainable. Where is that point? Our current debt level is in the neighborhood of $11.5T, and the interest owed was nearly $450B in FY2008 (anywhere from 8-16% of the federal budget depending on how it is analyzed). We are already up to $350B in interest owed this fiscal year.
Time to take a nap.