The primary dealers are flooded

Repo Meltdown Shows Budget Deficit Has Limits

Ballooning Treasury auctions have placed a heavy burden on the financial system, forcing the Fed’s hand.

Same story as mine.  The debt cartel has more debt than they can handle.  Primarily the problem is caused by our unwillingness to pay for all that carp we ordered from the Swamp. 

Both parties have to acknowledge losses, losses from a failed Obamacare that Dems now want to replace, and losses from the 4T in hardware the military has to devalue, because of drones. In both cases, old debt has to be issued to cover those losses while the new systems suddenly are built with new debt. Congress has goofed something fierce.