U.S. will borrow $72B in debt auctions next week

The government will borrow $72 billion in debt auctions next week now that Congress has raised the U.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 August 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.

Treasury’s advisory group of private bond sellers agreed that credit rating agencies are unlikely to downgrade the nation’s sterling credit rating now that fear of a default has been lifted.