By Greg Robb
WASHINGTON (MarketWatch) -- The Treasury Department announced Wednesday that it plans to sell floating-rate notes, with the first auction estimated to be at least one year away. In a statement, Treasury said it is still working on the details of the program. The notes will not be indexed to the Libor overnight lending rate, officials said. Treasury also announced it will sell $72 billion in notes and bonds next week in its quarterly refunding auctions. The department will auction $32 billion in 3-year notes 3_YEAR +1.03% on Aug. 7, and $24 billion in 10-year notes 10_YEAR +2.31% on Aug. 8. The government will also sell $16 billion in 30-year bonds 30_YEAR +1.41% . This is the eleventh consecutive quarterly refunding package of auctions at these sizes. The offerings will refund $54.2 billion in maturing securities and raise approximately $17.8 billion. Treasury confirmed that it expects to hit the debt limit "near the end of 2012" and can use extraordinary measures to allow the government to pay its bills "until early in 2013."
