WASHINGTON (AP) — The U.S. Treasury, faced with financing budget deficits topping $1 trillion annually, is introducing a new 20-year bond.

The new 20-year bond was chosen after officials considered proposals for a 50-year or 100-year bond, Treasury said in a statement Thursday. It said the new 20-year bond would be made available to investors in the first half of 2020. More details are expected at the Treasury's quarterly refunding news conference on Feb. 5.

"We seek to finance the government at the least possible cost to taxpayers over time and we will continue to evaluate other potential products to meet that need," Treasury Secretary Steven Mnuchin said in a statement.

The statement said that Treasury had gathered feedback on potential new bonds from a large number of market participants. Based on that information it felt that there will be strong demand from investors for a 20-year bond.

The government currently sells 10-year notes and 30-year Treasury bonds.

The Congressional Budget Office is projecting that the deficit, which has surged during the Trump administration, will top $1 trillion in the current budget year and remain above $1 trillion over the next decade.