Treasury to borrow $3 trillion in second quarter, far more than during financial crisis
by Jay Heflin
| May 04, 2020 03:58 PM
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.
https://www.washingtonexaminer.com/news/treasury-to-borrow-3-trillion-in-second-quarter-far-more-than-during-financial-crisis
