The Treasury indefinitely postponed its weekly auction...

The Treasury indefinitely postponed its weekly auction of three-month and six-month Treasury bills because Congress has not yet approved needed legislation expanding the government’s borrowing authority. The current debt ceiling of $2.35 trillion expires on Wednesday, and approval of legislation to increase the debt limit to $2.8 trillion, enough to last until May, 1989, has been held up by wrangling over restoring automatic spending cuts in the Gramm-Rudman deficit reduction law. The Treasury also postponed auctions of two-year notes set for today, four-year notes on Wednesday and seven-year notes on Thursday.