A willow with white substance oozing from evenly spaced, patterned holes (¼ inch, rows) has yellow-bellied sapsucker damage complicated by slime flux (bacterial wetwood).
Borers make random holes with sawdust. Sapsuckers make patterned rows. Your description = sapsuckers + secondary slime flux.
Slime flux is common on oaks, elms, willows. It's messy but rarely kills the tree.
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