Government To Borrow $72b Next Week

By: associated press Email
By: associated press Email

The Treasury Department says it will sell 3-year notes, 10-year notes and 30-year bonds to raise the money. about one-third will go to repay debts that are due on Aug. 15.

President Barack Obama cleared the way for the auction on Tuesday when he signed into a law a bill that raises the debt ceiling and promises more than $2 trillion in cuts to government spending over the next decade.

Treasury's advisory group of private bond sellers agreed that credit rating agencies are unlikely to downgrade the nation's sterling credit rating now that fear of a default has been lifted.

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