U.S. Treasury Department says it expects to borrow $2 trillion in the remainder of 2020

by Laura Mize · Aug 5th, 2020 12:01 pm
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Last Updated Aug 6th, 2020 at 8:07 pm

The Department of the Treasury anticipates borrowing $2.16 trillion before the year ends, according to a press release put out Monday.

The release specifies that the department plans to borrow $947 billion in the third quarter of 2020 (July-September), plus $1.216 trillion in the year's final quarter (October-December). The figures "assume $1 trillion of additional borrowing need in anticipation of additional legislation being passed in response to the COVID-19 outbreak," the release reads.

The department borrowed $2.753 trillion from April through June of this year.

Congressionally authorized coronavirus relief packages for families and businesses have totaled about $3.6 trillion so far. Congress is currently debating another massive spending bill to help protect and stimulate the nation's economy, which has floundered since lockdown measures began this spring. Democrats have requested about $3.5 trillion in additional relief spending, while many Republicans are instead pushing to limit the next wave of relief spending to around $1 trillion.


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