As of this morning, some people who have bought U.S. Treasury bills will discover that their money has entered a sort of interest-free limbo.
For the moment, the Treasury lacks authority to borrow money, a legacy of the budget gridlock in Washington.
Most people who hold Treasury bills will not be affected, bank officials said yesterday.
The government has enough cash to pay back investors who bought the series of Treasury bills issued 13 weeks and 26 weeks ago, both of which mature today. But some have signed up to roll over their T-bills. The trouble is that there are no new T-bills because the Treasury auction did not take place this week.