The Treasury Department announced Monday that it will borrow nearly $3 trillion to support the U. S. economy this fiscal quarter due to the effects of the COVID-19 pandemic.
May 4 (UPI) — The Treasury Department announced Monday that it will borrow nearly $3 trillion to support the U. S. economy this fiscal quarter due to the effects of the COVID-19 pandemic.
In a statement, the Treasury said it expects to borrow $2,999 billion in privately-held net marketable debt between April and June.
« 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 of June Treasury cash balance, » the agency said.
