The Treasury Department says it will auction a new Treasury security with variable interest rates next week. It will be the first new Treasury security offered in 17 years.

Treasury says it will auction $15 billion of the new floating rate notes on Jan. 29. The two-year security will have an interest rate that resets every day.

Mary Miller, Treasury's undersecretary for domestic finance, said the new debt product should attract new investors and the increased demand will help hold down the government's cost in financing its rising debt.

Treasury said it expected to offer the floating rate securities at quarterly auctions to be held in January, April, July and October. It is the first new Treasury debt product since Treasury inflation protected securities were first auctioned in 1997.