U.S. to borrow $550 billion

The government will borrow a record $550 billion in the current quarter as it scrambles to fund the huge rescue programs being put in place to deal with the worst financial crisis in seven decades. The Treasury Department said it planned to borrow more than half a trillion dollars in the October-December period and an additional $368 billion in the first three months of next year. Major Wall Street bond traders estimate that the government’s borrowing needs for the year will total an unprecedented $1.4 trillion.