By Rebecca Christie and Vincent Del Giudice
Feb. 4 (Bloomberg) -- The U.S. Treasury said it plans to sell a record $67 billion in long-term debt next week and bring back auctions of seven-year notes as a slowing economy and the bank bailout widen the budget deficit.
In its quarterly refunding statement today, the Treasury said it will sell seven-year notes for the first time since 1993, and also will increase the frequency of 30-year bonds. The Treasury plans to auction $32 billion in three-year notes on Feb. 10, $21 billion in 10-year notes Feb. 11 and $14 billion in 30-year bonds Feb. 12, the department said today in Washington.
The debt sales, which Treasury officials signaled last month after Congress passed a $700 billion bank rescue plan, are the government’s response to the surging budget shortfall. Bond trading firms told the Treasury this week that they expect a $1.6 trillion shortfall in 2009 -- more than triple the record set last year.
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