(Adds details from report)
WASHINGTON, April 27 (Reuters) - The U.S. Treasury Department said on Monday it expects to borrow $361 billion of marketable debt in the April-June quarter, up $196 billion from earlier estimates, as government spending soars in the deepest and longest recession in decades.
The amount is a record for the quarter, in which borrowing usually diminishes because most Americans’ annual income taxes are filed by April 15. Borrowing needs include $200 billion to support Federal Reserve liquidity programs aimed at reviving lending after the housing market crash and surge in credit defaults.
The previous record borrowing for the April-June quarter is $60 billion in 2003.
The Treasury cited weak revenues and greater spending to support economic recovery programs as among reasons for greater borrowing needs.
The Treasury said it expects to borrow $515 billion of marketable debt in the July-September quarter. In the January quarter it borrowed $481 billion, slightly less than earlier estimates.
The Treasury on Wednesday announces its quarterly debt refunding needs. (Reporting by Mark Felsenthal; Editing by Neil Stempleman)