WASHINGTON — The Treasury Department is bringing back the seven-year note and doubling the number of its 30-year bond auctions as it works to handle a soaring budget deficit projected to top $1 trillion this year.
Treasury said Wednesday it will begin auctioning seven- year notes once a month starting this month and will auction 30-year bonds eight times annually, up from the current four per year. The last time the government needed to auction seven-year notes was in 1993.
The government also said it will auction $67 billion next week in three-year, 10-year and 30-year Treasury securities, a record amount at a quarterly refunding.
The department on Monday said it will need to borrow $493 billion during the current January-March quarter, a rec ord amount for this period.
