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WASHINGTON (AP) - With budget deficits improving, the government said Wednesday it is discontinuing sales of three-year Treasury notes.
The Treasury Department said the last auction of three-year notes will occur next week as part of the regular series of quarterly debt auctions used to help finance the $8.8 trillion federal government debt.
The government's borrowing needs peaked in the 2004 budget year, when the federal deficit hit an all-time high in dollar terms of $413 billion. Since that time, the deficit has declined for three straight years and is projected to drop further this year.
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