Treasuries Advance as Republican Budget Plan Faces Veto
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Treasuries rose for the first time in three days as the White House said President Barack Obama would veto a Republican budget proposal in a fiscal showdown that could push the U.S. economy into recession.
Bonds remained higher after the U.S. auctioned $29 billion in seven-year debt in the third of four note sales this week totaling $113 billion. House Speaker John Boehner pushed for a vote tomorrow on a Republican alternate budget proposal to highlight the party’s opposition to tax increases sought by Obama as the year-end budget deadline approached. The U.S. faces more than $600 billion in automatic spending cuts and tax boosts if officials can’t reach an agreement.