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Politics : Formerly About Advanced Micro Devices
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From: bentway7/30/2008 1:58:56 PM
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Government announces plans to borrow $27 billion

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 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.

kvbc.com
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