FISCAL: Bumping the Ceiling

Treasury Secretary George Humphrey took advantage of easier credit conditions last week to borrow some money cheaply and move a step forward in his program of "stretching out" the national debt. He also put the debt within $400 million of the $275 billion ceiling.

On sale went $2 billion worth of 2¾% bonds that mature in eight years instead of short-term securities. To make them attractive to banks, Humphrey made the bonds fully marketable at any time and set the interest rate slightly above the current low market rate on similar bonds,...

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