WASHINGTON -- The Bush administration says it is bringing back the one-year Treasury bill that it stopped issuing seven years ago when the budget was in surplus. Now the government needs it to cope with soaring budget deficits.
The administration said Wednesday it would begin selling the one-year bill, also referred to as a 52-week bill, at an initial auction in June. New one-year securities will be auctioned every four weeks.
The government is looking for various ways to borrow the billions of dollars in extra cash it will need to cover a budget deficit that is expected to jump to an all-time high this year, surpassing the old mark of $413 billion set in 2004.
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