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Treasury borrowing drops but could rise with new COVID aid

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first_imgWASHINGTON (AP) — The Treasury Department says it plans to borrow $274 billion in the current January-March quarter, down 54.1% from last three-month period. But officials concede that figure could rise significantly depending on what type of new coronavirus relief package is approved by Congress. Treasury’s projected borrowing figure for this quarter is down from the $597 billion in actual borrowing it did during the October-December quarter. The government ran up a record $3.1 trillion deficit for the 2020 budget year. Federal finances were strained by trillions of dollars spent to support an economy that went into freefall in the spring when a global pandemic hit, pushing millions of people out of work.last_img read more