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US needs to borrow $171 billion in 60 days

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    Government announces plans to borrow $27 billion Associated Press Jul 30, 2008 http://whtt.org/index.php?news=2&id=2452 AP:WASHINGTON) The Bush administration
    Message 1 of 1 , Aug 6, 2008
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      Government announces plans to borrow $27 billion
      Associated Press
      Jul 30, 2008
      http://whtt.org/index.php?news=2&id=2452


      AP:WASHINGTON) The Bush administration gave details Wednesday on how
      it plans to borrow the billions of dollars it will need to cope with
      the soaring budget deficits.

      Those plans include 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 and
      to hit an all-time high of $482 billion in the 2009 budget year.

      The administration released the new deficit forecasts on Monday. It
      blamed the surge on the sagging economy and the effort to keep the
      country from falling into a deep recession by mailing out 130
      million economic stimulus payments.

      Democratic critics charged that the soaring deficits showed the
      total failure of the Bush administration to put the government's
      fiscal house in order, however. They contended that whoever wins the
      presidency in November will inherit a huge fiscal mess that will
      severely restrain the next president's ability to fulfill his own
      campaign promises.

      The administration projected that the deficit for this budget year,
      which ends on Sept. 30, will total $389 billion, more than double
      the $161.5 billion deficit for 2007. For the 2009 budget year, which
      will cover the first year of the new president, the administration
      is forecasting a deficit that will surge to an all-time high in
      dollar terms of $482 billion, far exceeding the old record of $413
      billion set in 2004.

      That deficit estimate could soar even higher. It does not include
      the expected full cost of funding the wars in Iraq and Afghanistan
      or the costs associated with a massive housing rescue measure that
      Congress passed last week and President Bush signed into law on
      Wednesday.

      As part of the housing measure, Congress voted to increase the
      national debt limit by $800 billion from $9.815 trillion to a new
      limit of $10.615 trillion.

      The borrowing plans announced by the Treasury Department on
      Wednesday include raising $17 billion by selling a new 10-year note
      on Aug. 6 and raising $10 billion by selling a new 30-year bond on
      Aug. 7.

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