Treasury to borrow $3 trillion in second quarter, far more than during financial crisis
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(Worthy News) – The Treasury Department announced on Monday that it expects to borrow $3 trillion during the second quarter this year.
The amount is five times greater than the amount the federal government borrowed at the height of the 2008-2009 financial crisis. It is also more than the $1.28 trillion the government borrowed in the bond market for all of 2019.
During the first quarter of 2020, Treasury borrowed $477 billion. The increase in borrowing during the second quarter is primarily driven by the effects of the coronavirus outbreak, including the over $3 trillion in new spending that Congress has recently approved and the fact that deadlines for tax receipts have been postponed. [ Source: Washington Examiner (Read More…) ]
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