WASHINGTON (AP) -- The Treasury Department has announced that in an effort to help the Federal Reserve deal with unprecedented borrowing needs resulting from the current credit crisis, it will begin auctioning debt for the central bank.
Treasury officials said that the new program would be part of the normal auctions it conducts to finance the government's budget deficits, which have been soaring because of the current economic slump.
Treasury officials did not provide any immediate details on the amount of debt that it will sell for Treasury or how often such sales will occur.
(Copyright 2008 by The Associated Press. All Rights Reserved.)
To comment, the following rules must be followed:
Comments may be monitored for inappropriate content, but the station is under no legal obligation to do so.
If you believe a comment violates the above rules, please use the Flagging Tool to alert a Moderator.
Flagging does not guarantee removal.
Multiple violations may result in account suspension.
Decisions to suspend or unsuspend accounts are made by Station Moderators.
Questions may be sent to firstname.lastname@example.org. Please provide detailed information.