WASHINGTON (AP) — The Treasury Department says it will soon provide more information on how the government will determine what bills to pay should Congress fail to raise the nation’s borrowing limit by the Aug. 2 deadline.
Treasury says it will release details in the coming days regarding which payments will take priority over others. The government makes an average of 80 million payments a month.
Treasury also says it will go ahead with its regular weekly auction of three-month and six-month Treasury bills on Monday — a day before the deadline. The money raised from that auction will go toward redeeming $87 billion in securities that will mature on Aug. 4. Treasury says this operation will not breach the current borrowing limit.