US Treasury seeks to borrow a record $3 trillion this quarter

INNO
  • The Treasury Department announced Monday it is borrowing about $3 trillion this quarter.
  • The money is being used in large part to subsidize economic rescue efforts in the wake of the coronavirus pandemic.
  • Total U.S. government debt now is near $25 trillion, with the current fiscal year’s deficit running at $744 billion

CNBC Reported, Massive stimulus to support the U.S. economy through the coronavirus crisis will cause the Treasury to borrow a record $3 trillion this quarter.

The department on Monday announced the total, which is actually $2.999 trillion.

“The increase in privately-held net marketable borrowing is primarily driven by the impact of the COVID-19 outbreak, including expenditures from new legislation to assist individuals and businesses, changes to tax receipts including the deferral of individual and business taxes from April – June until July, and an increase in the assumed end-of-June Treasury cash balance,” the department said in a statement.

Source: CNBC

 

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