Government Will Borrow $72 Billion in Debt Auctions Next Week
August 3rd, 2011Right back at it.
Via: AP:
The government will borrow $72 billion in debt auctions next week now that Congress has raised the nation’s borrowing limit.
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.
The U.S. government currently borrows 40 cents of every dollar that it spends.
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“Borrow” means buy its own debt.