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The government will sell $55 billion in bonds next week as part of a massive borrowing to pay for its financial rescue programs.

The Treasury Department said Wednesday it is bringing back its three-year notes, selling them monthly to help cover the increased borrowing needs, and will auction $25 billion of them on Monday. The government also will offer $20 billion in 10-year notes next Wednesday, and $10 billion in 29 3/4-year bonds on Thursday.

The government plans to borrow a record $550 billion in the last three months of the year to help pay for the various financial rescue packages put into effect in response to the global crisis. Officials project that the government will need to borrow an additional $368 billion in the first quarter of 2009, putting a sea of red ink in front of the incoming president, Barack Obama.

The Treasury also said it will offer 10-year notes in December and January.

The balance of financing requirements will be met by offering weekly Treasury bills, monthly 52-week bills, monthly two-year, three-year and five-year notes, and 10-year and 20-year securities, the department said.


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