Debt Ceiling Halts Bond Sales

WASHINGTON — The Treasury announced today that sales of savings bonds will be suspended tonight until further notice because Congress has failed to pass legislation increasing the national debt limit.

The $2.32-trillion debt ceiling expires at midnight, reverting to the “permanent” level of $2.111 trillion. Because that lower level already has been exceeded, the government cannot issue any new securities. The House has approved a new debt ceiling of $2.565 trillion but the Senate is not expected to act until next week, when lawmakers plan to attach to the bill an amendment to strengthen the Gramm-Rudman balanced budget law.