WASHINGTON (AP) — The Treasury Department on Wednesday 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 projected borrowing, while significant, is below the record $530 billion it borrowed in the same period in 2008.
The department also said it expects to issue Treasury inflation-indexed securities, or TIPS, more frequently next year and "will consider replacing 20-year TIPS with 30-year TIPS." Any changes to that program will be announced in November.