September 26, 2020, 16:28

US Treasury to Borrow $2.99Trln to Fund Economy Through COVID-19 Pandemic – Statement

US Treasury to Borrow $2.99Trln to Fund Economy Through COVID-19 Pandemic – Statement

WASHINGTON (Sputnik) – The Department of the Treasury said in a statement on Monday that it will borrow nearly $3 trillion this quarter to fund the US economy through the novel coronavirus (COVID-19) pandemic.

“During the April – June 2020 quarter, Treasury expects to borrow $2.999 billion in privately-held net marketable debt, assuming an end-of-June cash balance of $800 billion,” the statement said.

The increase in privately-held net marketable borrowing was “primarily driven by the impact of the COVID-19 outbreak, including expenditures from new legislation to assist individuals and businesses, changes to tax receipts including the deferral of individual and business taxes from April – June until July,” the statement said.

The United States has been worst affected by the COVID-19 pandemic with nearly 1.2 million infections and more than 68,000 COVID-19-related deaths.

Sourse: sputniknews.com

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