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Treasury to sell $51 billion in notes next week

By Gregory Robb, CBS
Nov. 3, 2004

The federal government will auction $14 billion in 10-year notes, $15 billion in 5-year notes and $22 billion in 3-year notes to refund nearly $48 billion in maturing notes and to raise approximately $3 billion in new cash.

The Treasury said that due to the debt limit constraints, it does not have the capacity to settle the 4-week bill auction scheduled to be held on Nov. 16.

"We have to have a debt increase by that point of Nov. 18," said Timothy Bitsberger, acting Treasury assistant secretary for financial markets.

"Treasury is trying to put the screws to them (Congress) to get this thing done. Clearly, with the election over, there is no reason for Congress to drag their heels any further," said Steve Stanley, chief economist at RBS Greenwich Capital.

Unless Congress takes action to raise the debt limit, Treasury market participants should be prepared for a delay in the 4-week bill auction, Treasury said.

The government expects to borrow $100 billion in the three months from October to December, Treasury said on Monday.



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