The U.S. Treasury Department announced plans to maintain record debt sales as Republicans and Democrats continue a spending frenzy that’s widening the deficit even as economic growth remains solid.
President Trump is set to sign legislation to suspend the debt limit and boost domestic and defense spending, pushing the annual budget deficit over $1 trillion. That’s driving Treasury to keep its long-term debt issuance at a record $84 billion for the third consecutive quarter, the agency announced Wednesday. The deficit was $779 billion in fiscal 2018.
The Treasury said it currently anticipates no further changes in issuance sizes for nominal coupon and floating-rate securities for the rest of the current calendar year. Yet dealers predict that sales will have to increase in about 12 months. Earlier this week, the Treasury said it plans to borrow more than twice as much as previously anticipated in the third quarter, assuming lawmakers free up spending by lifting the debt ceiling.
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