U.S. federal government to borrow 305 billion dollars in current quarter

The U.S. Treasury Department announced on Monday that it expects to borrow 305 billion dollars in the October to December 2011 quarter. This borrowing estimate is 21 billion dollars higher than previously announced in July 2011, said the department in a statement. During the January to March 2012 quarter, the U.S. federal government is estimated to issue 541 billion dollars in net marketable debt. The Treasury also said that during the July to September 2011 quarter, it issued 286 billion dollars in net marketable debt. Due to the financial crisis and economic recession, borrowings of the U.S. government have increased dramatically over the past three years. The U.S. federal budget deficit hit almost 1.3 trillion dollars in fiscal year 2011 ending in September, 50 billion dollars more than in the previous year. The red ink of government budget reached a historically high level of 1.41 trillion dollars in 2009.