Treasury projects $433 billion borrowing need this quarter
Source: AP
The Treasury Department said Monday it expects to borrow $433 billion in the current July-September quarter. Treasury said the $433 billion in borrowing it expects this quarter, through selling Treasury bonds and bills to the public, would be the largest quarterly total since it borrowed $488 billion in the January-March quarter of 2018.
Market borrowing for this budget year is projected to total $1.27 trillion, a 6.5% increase from the $1.195 trillion borrowed in the 2018 budget year. The rising borrowing needs reflect that the government’s deficit is increasing. In its February budget submission, the Trump administration projected the deficit will top $1 trillion this year.
The Democratic-controlled House last week approved a bipartisan debt and budget deal with the Trump administration that the Senate is expected to pass this week. That measure suspends the current $22 trillion debt ceiling for two years until July 31, 2021.
That will allow the government to borrow as much as it needs to pay its bills until the new deadline without facing the threat of a potentially devastating default on the nation’s debt.
Read more: https://www.apnews.com/493b451a801a43feab40e25d68fc239d
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" Then we'd have the budget fixed for good." - by bankruptcy - cheating the 32.5%
