Treasury bringing back 7-year note

WASHINGTON -- The Treasury Department is bringing back the seven-year note and doubling the number of times it auctions 30-year bonds as it works to handle a soaring budget deficit projected to top $1 trillion this year.

Treasury said Tuesday it will begin auctioning seven-year notes once a month starting later this month, and will auction 30-year bonds eight times annually, up from the current four per year.

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The government also said it will auction $67 billion next week in three-year, 10-year and 30-year Treasury securities, a record amount at a quarterly refunding.