The Treasury announced yesterday that it will borrow $44.2 billion and draw down its cash balances another $7.5 billion this quarter to finance a budget deficit of $51.5 billion. Another $23.5 billion worth of new securities will be issued to pay off maturing securities.

Some $19 billion of the financing will be done on Feb. 15 by issuing a series of 3- and 10-year notes and a 30-year bond. The 3-year note, in the amount of $7.25 billion, will be auctioned Feb. 5 with a minimum denomination of $5,000. The 10-year note, with a minimum denomination of $1,000, will be auctioned the next day to raise $6 billion. The 30-year bond, which will have a minimum denomination of $1,000 and will not be callable, will be auctioned on Feb. 7.

All of the auctions will be on a yield basis, and non-competitive tenders of up to $1 million will be accepted, the announcement said.

The $44.2 billion of new cash being raised compares with $48 billion in the first quarter of 1984 and $60 billion raised last quarter. The estimate of a $51.5 billion deficit this quarter would mean the deficit for the first half of the current fiscal year, which began Oct. 1, would be $128.5 billion.

The announcement also said that the Treasury now anticipates borrowing another $25 billion to $30 billion in new cash during the April-June quarter, assuming a $15 billion cash balance at the end of June.

About $12 billion worth of the new financing for this quarter has already been done. The remainder, in addition to the Feb. 15 financing, will include a 2-year note at the end of February, a note early in March in the 5-year range, and sales of Treasury bills at the regular weekly auctions.