The U.S. Treasury's August refunding package next week is expected to total $40 billion of new government debt with an outside chance for a slightly larger offering, Wall Street economists said.

Most economists said they believe that the Treasury Department this afternoon will unveil a $40 billion package, which will raise about $10.5 billion of new cash. The package will probably contain $17 billion of three-year notes, $12 billion of 10-year notes, and $11 billion of 30-year bonds. In addition, the Treasury will probably auction $10 billion of cash management bills on Aug. 12 to settle with the refunding on Aug. 15 and mature Sept. 22.

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