Banks sell treasury bills

Large financial firms are selling off short-term government debt as the fiscal standoff in Washington remains unresolved. If Congress does not reach an agreement on the debt ceiling by Thursday, the U.S. government will be left with $30 billion in cash. Uri Landesman, president of the Platinum Partners hedge fund, believes that banks and other institutions that are not allowed to hold defaulted securities would need to sell U.S. Treasurys.

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