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The government raised $57.6 billion in cash Tuesday by selling short-term securities in an emergency move to pay off its debts during the budget impasse.
The auctions are part of moves announced Monday by Treasury Secretary Robert Rubin to avoid a first-ever default. Rubin said the Treasury will raise $137 billion this week and next to pay off principal and interest due Wednesday and Thursday.
Tuesday’s borrowings were projected to put the government over the congressionally mandated $4.9 trillion debt limit. But Rubin has said he was ready to tap huge government-run trust funds, creating additional room under the debt ceiling for the latest sales of securities.
