Gov't will borrow $72B in debt auctions next week

AP News
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Posted: Nov 02, 2011 9:12 AM
Gov't will borrow $72B in debt auctions next week

The government will borrow $72 billion in debt auctions next week as part of its quarterly funding process.

The Treasury Department says it will sell 3-year notes, 10-year notes and 30-year bonds to raise the funds. About a third of the proceeds will go to repaying debts that are due Nov. 15.

The department says it will continue to auction off similar amounts of longer-term securities in the future. In August, department officials had suggested they would reduce the size of some of their offerings.

The department now says it would be "prudent" to continue its current level of offerings, given the uncertainty surrounding the budget outlook.