Federal government expected to borrow $990 billion this year
WASHINGTON (AP) — The Trump administration says it expects to borrow $990 billion to fund the government in the current budget year, the second year of sizable increases in borrowing needs.
The Treasury Department on Monday projected that borrowing in the April-June quarter would total $30 billion. Borrowing in the July-September period, the final quarter of the budget year, will total $160 billion.
The $990 billion borrowing total for the 2019 budget year would be down from $1.2 trillion borrowed in 2018. But both years are up from 2017’s $519 billion in government borrowing.
The big jump reflects sizable increases in the annual budget deficits, which the administration says will top $1 trillion this year and remain above $1 trillion through 2022.