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Rutherford's comments on the borrowing limit came as Treasury announced the details of its regular quarterly refunding auctions. Treasury said at the auctions next week it would sell $32 billion in three-year notes, $24 billion in 10-year notes and $16 billion in 30-year bonds. The debt auctions will be part of an effort to raise $288 billion during the October-December quarter. That compares to $264 billion in net borrowing that Treasury did during the July-September quarter. Treasury says it expects to borrow $342 billion during the January-March quarter of next year. These sizable levels of borrowing are being required because the government is running record deficits. For the 2012 budget year, the deficit totaled $1.09 trillion, the fourth consecutive year that the deficit has been over $1 trillion.
[Associated
Press;
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