FROM THE OFFICE OF PUBLIC AFFAIRS

The current statutory debt limit situation will not affect this quarterly refunding.  The Treasury will ensure that there is sufficient borrowing capacity on May 15th to settle the notes auctioned next week.  However, on current projections, the extraordinary measures taken since February 20, 2003 will only be adequate to meet the government’s needs until the latter half of May.

The Treasury will continue to work with Congress to ensure the government’s ability to finance its operations.