P. M. Briefing : Treasury Auctions 51-Day Bills to Keep Government Operating
The Treasury Department announced today that it has accepted $2.005 billion in 51-day cash management bills to be issued Oct. 31 at an average discount rate of 7.87%.
The investment rate on the bills will be 8.07%.
The Treasury held the special auction to raise extra cash in advance of a rollback of the government’s debt ceiling at midnight Tuesday to $2.8 trillion from a temporary level of $2.87 trillion set this summer.
The funds raised by the auction will be used to keep the government in operation until Nov. 8 while Congress debates raising the debt ceiling permanently.
The Administration has asked Congress to raise the ceiling to $3.05 trillion but legislation to do that has been held up by a dispute over a proposed cut in the capital gains tax.
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