We just ran across a newswire headline that said what we have been warning about for about a month: "US Treasury auction to take US over debt ceiling on Monday." As a result, we took a look at today's DTS update, and indeed, come Monday's full settlement of this week's auctions, the jig is up. Prior to this week's $72 billion in auctions, total debt subject to the $14.294 Tr ceiling has risen to $14.280 trillion. There is no way the Treasury can cut $42 billion in debt next Monday (pro forma for the $16 billion Bill paydown settlement). Next up: panic.