Cash Ark For 40 Days and 40 Nights, But Big Flood Comes Later

The last time the Obama Administration ran the Treasury Department this time of year, the Federal government issued $232.5 billion in net new supply during the period of January 20-March 15. That's a huge number, but it's completely typical for that time window, when new debt issuance has typically run $200-$300 billion. The government needs a lot of cash during that time frame because it is sending out the largest chunk of tax refunds. People who are due refunds tend to file earlier, and February is the biggest month for refund checks to go out.

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