US Treasury says April-June borrowing will be a record $2.99 amid COVID-19 pandemic

The rising coronavirus cases has led to economic paralysis which is forcing the U.S. Treasury to borrow far more than it ever has before — $2.99 trillion in the current quarter alone. The amount is more than five times the government’s previous record borrowing for a quarter, $569 billion, set in the depths of the 2008 financial crisis. It also dwarfs the $1.28 trillion the government borrowed in the bond market for all of 2019.

The rising coronavirus cases has led to economic paralysis which is forcing the U.S. Treasury to borrow far more than it ever has before — $2.99 trillion in the current quarter alone. The amount is more than five times the government’s previous record borrowing for a quarter, $569 billion, set in the depths of the 2008 financial crisis. It also dwarfs the $1.28 trillion the government borrowed in the bond market for all of 2019. May 05, 2020 at 07:34AM https://ift.tt/2SzzDD8