US Treasury April-June borrowing to hit $361 bln
WASHINGTON, April 27 (Reuters) - The U.S. Treasury Department said on Monday it expects to borrow $361 billion of marketable debt in the April-June quarter, up $196 billion from earlier estimates, as government spending soars in the deepest and longest recession in decades.
The amount is a record for the quarter, in which borrowing usually diminishes because most Americans' annual income taxes are filed by April 15. Borrowing needs include $200 billion to support Federal Reserve liquidity programs aimed at reviving lending after the housing market crash and surge in credit defaults.
The previous record borrowing for the April-June quarter is $60 billion in 2003. The Treasury cited weak revenues and greater spending to support economic recovery programs as among reasons for greater borrowing needs.
The Treasury said it expects to borrow $515 billion of marketable debt in the July-September quarter. In the January quarter it borrowed $481 billion, slightly less than earlier estimates.
The Treasury on Wednesday announces its quarterly debt refunding needs. (Reporting by Mark Felsenthal; Editing by Neil Stempleman)
The previous record for the quarter is $60 billion? That almost sounds quaint! Well, I think I know how to do simple math and that means that this year we are SMASHING THE ALL TIME DEBT RECORD BY A FACTOR OF 6! Six times more than ever before?!
You can't say you were never warned: U.S. Budget Disaster Strikes...
Hey, sorry to those who believe the crisis is over, but I think I see that train a coming… and we’re all stuck in Folsom Prison!
Johnny Cash - Folsom Prison Blues