To me it sounds like there is glut in treasuries due to the huge government deficit and there are not enough buyers. This event is the banks not having enough o

To me it sounds like there is glut in treasuries due to the huge government deficit and there are not enough buyers. This event is the banks not having enough on hand on hand for the treasuries and the corporate tax event at once, so the fed is stepping in to provide temporary liquidity. Is it possible, or are we close to to where the banks (or other buyers) won't be able absorb the glut in treasuries themselves, and the fed has to buy them, effectively monetizing our deficits?