The Treasury Department said it would sell $72 billion in its quarterly refunding to raise $17.8 billion in new cash.

Treasury will sell $32 billion three-year notes on Tuesday, Aug. 2, $24 billion 10-year notes on Wednesday, Aug. 8, and $16 billion 30-year bonds on Thursday, Aug. 9.

Treasury also said it expects to "develop a floating rate note (FRN) program to complement the existing suite of securities issued and to support our broader debt management objectives."

It will be at least one year before the first auction.

Treasury expects to hit the debt limit near the end of this year." Extraordinary measures are expected to meet obligations until early 2013.

Treasury "is in the process of building the operational capabilities to allow for negative rate bidding in Treasury bill auctions, should we make the determination to allow such bidding in the future."

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