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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 Monday.
“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-ofJune Treasury cash balance,” the department said in a statement.
On top of that borrowing, Treasury also said it anticipates borrowing another $677 billion in the third quarter. (CNBC)
