The U.S. will borrow a record $550 billion from October to December. In its previous estimate, the Treasury said it expected to market $142 billion in debt.
"The increase in borrowing is primarily due to higher outlays related to economic assistance programs, lower receipts, and lower net issuances of State and Local Government Series securities," the Treasury said today.
In the third quarter, the U.S. borrowed $530 billion including $300 billion for "supplementary financing programs."
In the first quarter of 2009, the Treasury estimates it will borrow $368 billion.
By Adam Button and edited by Sarah Sussman
©CEP News Ltd. 2008