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The Treasury Department said it will raise a record $75 billion in a series of auctions next week to help deal with the government’s soaring debt.
The $75 billion surpasses the $71 billion record set in the prior three-month period. It is part of total borrowing needs for the July-September quarter that the government estimates will hit $406 billion.
The huge amounts of borrowing reflect the government’s soaring budget deficits, which are being driven by the costs of financing the $700 billion financial rescue program and the impact of the recession.
The White House projects the deficit will hit $1.85 trillion for the budget year ending Sept. 30, a record that would quadruple last year’s all-time high gap of $455 billion.
