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US Treasury projects record Q3 borrowing of $947 billion

The U.S. Treasury Department building at dusk, Thursday, June 6, 2019, in Washington.
The U.S. Treasury Department building at dusk, Thursday, June 6, 2019, in Washington.(AP Photo/Patrick Semansky)
Published: Aug. 3, 2020 at 2:34 PM CDT
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WASHINGTON (AP) — The Treasury Department is projecting government borrowing of $947 billion in the current July-September period, which would be a record for the quarter but down from the all-time high of $2.75 trillion in this year's second quarter .

Treasury officials announced Monday that the government also plans to borrow $1.22 trillion in the October-December period.

Those amounts include $1 trillion in expected borrowing to finance another economic stimulus package, which is tied up in negotiations between Democrats and Republicans.

Treasury officials said the $1 trillion amount, spread over this quarter and the October-December period, is essentially a place holder since both sides remain far apart in how much the country should provide in economic support on top of the more than $3 trillion Congress has already provided.

Copyright 2020 Associated Press. All rights reserved.

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