WASHINGTON, United States (AP) — The Treasury Department says it expects to borrow US$463 billion in the current April-June quarter and US$2.28 trillion for the full budget year, as the Government finances continued pandemic relief measures.
Treasury officials announced Monday that the US$463 billion in borrowing for the current quarter represented a significant jump from a borrowing estimate for the current quarter of US$95 billion made in February.
The big increase of US$368 billion was attributed to passage of a $1.9-trillion support measure that President Joe Biden pushed through Congress in March which provided another round of relief payments totalling US$1,400 per individual plus other support including an extension of emergency unemployment benefits.
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