U.S. Treasury Needs To Borrow $493 Billion In Current Quarter
The Treasury Department says it will need to borrow $493 billion in the first three months of this year, a record amount for the January-March period.
AP
Published: February 2, 2009
Published: February 2, 2009
WASHINGTON (AP) - The Treasury Department says it will need to borrow $493 billion in the first three months of this year, a record amount for the January-March period.
The Treasury Department says that figure comes on top of $569 billion the government borrowed from October through December, the all-time high for any quarter.
The huge amounts of borrowing in the first six months of the budget year reflect the impact of soaring costs to cover the $700 billion financial rescue program and a deepening recession that has cut into tax revenues.
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