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BRIEFLY

August 04, 1988

The Treasury announced that it will borrow $29 billion to replenish government coffers next week, but for the first time in six years will not issue 30-year bonds at its quarterly auctions because it lacks congressional authority to do so. Every three months, the government holds three debt sales to finance the $2.5-trillion national debt. It usually sells 3-year notes, 10-year notes and 30-year bonds. House and Senate bills that include provisions freeing the Treasury to issue long-term debt have passed committees in both chambers. However, the bills must pass both the full House and Senate.

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