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Jim Sinclair’s Commentary
It grows and grows but nobody knows where or if it will stop.

U.S. Treasury Will Sell $72 Billion in Long-Term Securities This Quarter By Rebecca Christie – Feb 2, 2011 12:24 PM MT
The U.S. Treasury Department today said it would keep its long-term borrowing at steady levels and warned that the federal debt limit could be reached as soon as April 5.
Mary Miller, the Treasury’s assistant secretary for financial markets, said the department so far is borrowing as usual while Congress debates when and how to raise the $14.29 trillion debt limit. Secretary Timothy F. Geithner has warned that the U.S. faces “catastrophic damage” if lawmakers do not act in time.
“We expect that Congress will do the right thing and raise the debt ceiling in a timely manner,” Miller said at a press conference.
The Treasury today said it plans to sell $72 billion in long-term debt next week, in line with the median forecast in a Bloomberg News survey of bond dealers. The department’s quarterly auctions will consist of $32 billion in three-year notes on Feb. 8, $24 billion in 10-year notes Feb. 9 and $16 billion in 30-year bonds Feb. 10.
The Treasury now expects the debt ceiling to be reached between April 5 and May 31, compared to the range of March 31 to May 16 it predicted early last month. The department will update its forecast again in the first week of March.
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