The U.S. government said on Wednesday it will borrow 55 billion U.S. dollars by selling bonds next week to pay for the financial bailout plan.
The Treasury Department said it will auction a new 3-year note in the amount of 25 billion dollars, maturing Nov. 15, 2011; a new10-year note in the amount of 20 billion dollars, maturing Nov. 15,2018; and a reopening of the 29.75-year bond in the amount of 10 billion dollars, maturing May 15, 2038.
Over the last several months, changes in economic conditions, financial markets, and fiscal policy, as well as a decline in non-marketable debt issuance have contributed to an increase in Treasury's marketable borrowing needs, said Treasury Acting Assistant Secretary for Financial Markets Karthik in a statement.
"In response to the large increase in projected financing needs, to better manage the overall debt portfolio, and to create additional flexibility in meeting uncertainty in borrowing requirements," he said.
The U.S. government will need to borrow an additional 368 billion dollars in the first quarter of 2009, putting a sea of red ink in front of the incoming president, Barack Obama, according to the U.S. media.
Source: Xinhua
|
Comment
Tell A Friend
Print Format
Save Article