The Treasury is planning to sell more than $700 trillion in debt, and the first batch of bonds issued under the program would be sold in a matter of days, according to sources briefed on the plans.
The sale of government bonds is not expected to be approved until November, but the Treasury is already talking with bond buyers and the Federal Reserve about the deal.
The Treasury Department is not planning to wait for approval of the deal until after the election, the sources said.
Treasury Secretary Steven Mnuchin has said the $700-trillion program is necessary to boost the economy, but some Republicans in Congress, including Senate Majority Leader Mitch McConnell, have questioned whether the government should be buying bonds.
The U.N. and other countries have repeatedly criticized the program.
The bond sales could boost economic growth, but they are also a risk, said John Mica, chief investment officer at CME Group, a broker.
The $700+ trillion bond sale is expected to generate $8.8 trillion in economic stimulus, according a Reuters report.
The government’s borrowing costs will increase by as much as 40 percent if the Treasury sold the bonds.