Recklessly Ballooning US Government Debt Spikes by $519 Billion since Debt Ceiling, Expected to Hit $37.8 Trillion by Yearend. $722 Billion in Treasury Auctions this Week Alone

By Wolf Richter for WOLF STREET

All combined, this week’s total securities sales will be $722 billion (plus some SOMA purchases). Some of this is to refinance maturing debt, which will not increase the debt; the rest of the issuance will increase the debt.

The Treasury Department said yesterday that this Mississippi River of debt issuance in the current quarter through September will increase the total debt by $1.01 trillion, the additional amount of borrowing needed to fund the current deficits and to refill the TGA account to the desired level of $850 billion.