U.S. Treasury to Sell $71 Billion in Long-Term Debt

From Bloomberg.com

The Treasury plans to sell a record $71 billion in quarterly auctions of long-term debt next week as the government seeks to finance its unprecedented fiscal stimulus and financial rescue programs.

The amount was in line with the median forecast of analysts surveyed by Bloomberg News. Government debt managers also plan to boost the auctions of 30-year securities to once a month from the current schedule of eight times a year, a Treasury statement in Washington showed today.

Increased bond sales will help to lengthen the duration of federal debt outstanding at a time when long-term rates are historically low. That may help to hold down the government’s interest costs as it finances the record deficit.