U.S. Treasury To Raise $126B In Series Of Auctions Next Week

The Treasury Department announced it will raise $126 billion to finance the government in a series of auctions next week by employing emergency measures to keep from breaching the newly imposed debt limit, Martin Crutsinger reported for the Associated Press (AP).

Photo Insert: Facade of the US Treasury

The Treasury announcement, part of Treasury’s quarterly refunding operations, will see the $126 billion raised by auctioning 3 and 10-year notes and a 30-year bond with the auctions occurring on Tuesday through Wednesday of next week.

Those auctions will raise money to meet debt-servicing requirements on $58.6 billion in Treasury notes and bonds that are coming due plus raising approximately $67.4 billion in new cash to keep the government operating.

The government’s debt ceiling which had been suspended for two years, went back into effect on Aug. 1 at $28.4 trillion, the level the debt had risen to since the limit was suspended. That period has seen the annual federal deficit hit a record $3.4 trillion last year as the government approved trillions of dollars of support to an economy hit by a global pandemic.

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