April 27, 2009 / 7:43 PM / 10 years ago

UPDATE 1-US Treasury April-June borrowing to hit $361 bln

(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)

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