Treasury projects $433 billion borrowing need this quarter
WASHINGTON (AP) — The Treasury Department says it expects to borrow $433 billion in the current July-September quarter. That would be the largest quarterly borrowing total since early 2018, as the government replenishes its cash reserves following the expected resolution over raising the debt limit.
Treasury says 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. The Trump administration projects the deficit will top $1 trillion this year.