The Treasury Department is detailing how it plans to borrow a record-breaking $2.99 trillion in debt this quarter which will include issuing for the first time since 1986 a 20-year bond.
The Treasury faces an unprecedented need for credit because of the trillions of dollars the government is spending to deal with the impact of the coronavirus pandemic, which has resulted in the loss of millions of jobs.
And the nation is likely headed for a deep recession.
Treasury officials said Wednesday that the 20-year bond will first be auctioned on May 20 with the goal of raising $20 billion. That will be followed by $17 billion auctions in June and July.
Senior officials believe the Treasury market will be able to handle the big increase in the government's borrowing needs. Officials said they have already raised $1.5 trillion of the $2.99 trillion in increased debt in April.