U.S. Treasury blasts records with $3 trillion borrowing need this quarter

• The U.S. Treasury Department on Monday said it plans to borrow nearly $3 trillion in the second quarter of 2020 - more than five times larger than the previous record - as the federal government spends at a frantic pace to mitigate the impact of the coronavirus on the U.S. economy.
• Monday’s estimate is $3.055 trillion more than the original target for the quarter issued in early February, when it was still unclear whether the coronavirus would spread widely in the United States.
• At that time, it appeared as though the federal government would pay down $56 billion of debt in the current quarter, leading Treasury to forecast a negative estimate for new net marketable debt in the period.

 (Source: Reuters)