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News Summary: US Treasury may trim debt auctions

The Associated Press

SMALLER DEBT AUCTIONS: The Treasury Department says it could begin decreasing the size of some of its debt auctions based on an improving deficit situation that will allow it to pay back some of the national debt this quarter.

HOW MUCH: Treasury said Wednesday that it plans to pay down $35 billion of the national debt for the current April-June quarter, the first time it has reduced the debt in six years.

TEMPORARY CUT: That pay down will be only temporary and reflects in part higher tax revenues in April. Treasury projected that borrowing will increase by $223 billion in the July-September quarter.