Washington (AP) The Bush administration has announced details on how it plans to borrow the billions of dollars it will need to cope with the soaring budget deficits.
Those plans announced nclude raising $27 billion by selling a new 10-year note and a new 30-year bond at the regularly scheduled quarterly auctions to be held next week. The government needs to borrow $171 billion during the current July-September quarter, the second-highest quarterly borrowing total on record.
The increased borrowing needs reflect the exploding federal budget deficit which is projected to more than double in size this year. It is expected to hit an all-time high of $482 billion in the 2009 budget year.