Bloomberg writes, "Treasury Cuts Size of Bill Auctions as Debt-​Cap Pressures Bite." It states, "The US Treasury Department cut the size of its four- and eight-​week bill auctions, the beginning of what'​s likely to be a series of reductions as the government seeks to preserve its borrowing authority under the statutory debt ceiling. The Treasury on Tuesday said it plans to sell $​75 billion of four-​week bills on Thursday, $​10 billion less than the previous offering at that tenor. It will also offer $​65 billion of eight-​week bills, which is $​10 billion less than the previous auction. It kept the size of the 17-​week bill to be sold Wednesday unchanged at $​60 billion." The brief adds, "The cuts to the four- and eight-​week offerings are the first since February when Treasury reduced bill supply in anticipation of tax receipts from American taxpayers. With the department taking various measures to avoid breaching the statutory debt limit -- which Congress shows little sign of lifting anytime soon -- there has been widespread expectation that the Treasury would start shrinking the amount of short-​term securities it sells at weekly auctions. Even without a debt-​ceiling crunch on the horizon, the government tends to reduce its borrowing activity in March and April as it collects income taxes. But after that, it has historically tended to ramp up issuance once again as the excess generated by tax receipts dissipates."

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