United States

US Treasury to borrow eye-popping $3T this quarter

The US Treasury Department on Monday said it plans to borrow nearly $3 trillion in the second quarter of 2020 — more than five times larger than the previous record — as the federal government spends at a frantic pace to mitigate the impact of the coronavirus on the US economy. In a statement, Treasury said it would borrow $2.999 trillion during the April-June quarter — higher also than the previous record borrowing for a full fiscal year of $1.8 trillion in 2009. “It is larger than what we would typically do in a year,” a senior Treasury official said. The Treasury’s net borrowing last fiscal year, by contrast, was $1.28 trillion. Monday’s estimate is $3.055 trillion more than the original target for the quarter issued ...