NEW YORK (CNNMoney.com) -- Roughly $211 billion separates what the country owes and its self-imposed credit limit.
And by Friday, after another week of massive debt sales by the Treasury Department, that gap will likely have narrowed considerably.
It is now expected that the $12.104 trillion debt ceiling could be breached by the end of November.
It is also expected that lawmakers will raise the ceiling, as they have done more than 90 times since 1940 -- eight of them since 2002.
If they don't, the government could be forced to shut down. But that's not the worst that could happen. In fact, the government did shut down for a spell in 1995 and life went on. The reason lawmakers will eventually approve an increase is because without one ultimately the value of U.S. bonds would sink, jeopardizing the portfolios of countries and investors around the world who invest in U.S. debt.......
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Upcoming Auctions
Source: http://www.wizard.gov/RT/RTGateway?page=institAnnceRes
Also a source for the results.
Security ------ Auction Date ----- Issue Date - Offer Amt.
13 wk Bill - 10/26/09 11:30am ET -- 10/29/09 ---- 29B
26 wk Bill - 10/26/09 11:30am ET -- 10/29/09 ---- 30B
5 yr TIPS -- 10/26/09 1:pm ET ----- 10/30/09 ----- 7B
2 yr Note -- 10/27/09 1:00pm ET --- 11/02/09 ---- 44B
5 yr Note -- 10/28/09 1:00pm ET --- 11/02/09 ---- 41B
7 yr Note -- 10/29/09 1:pm ET ----- 11/02/09 ---- 31B
