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Treasury to borrow record $3 trillion in a single quarter
The Hill ^ | 05 04 2020 | Niv Elis

Posted on 05/04/2020 2:14:24 PM PDT by yesthatjallen

The Treasury Department will borrow a record-breaking $3 trillion between April and June as it moves to dispense emergency relief for the coronavirus pandemic.

In a Monday statement, the Treasury said that it expected to borrow $2.99 trillion "in privately-held net marketable debt," which would leave it with a $800 billion cash balance at the end of June.

Congress has passed roughly $3 trillion worth of spending to help prevent an economic collapse during the pandemic, including stimulus checks, expanded unemployment insurance, forgivable loans to small businesses and other financing options for larger businesses.

SNIP

That figure will be more than double the previous record for the largest annual deficit, which amounted to $1.4 trillion in 2009, the peak of the Great Recession.

All that borrowing is set to push the nation's overall debt load beyond 100 percent of GDP for the first time since World War II.

(Excerpt) Read more at thehill.com ...


TOPICS: News/Current Events
KEYWORDS: coronavirus; debt; deficit; nationaldebt
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1 posted on 05/04/2020 2:14:24 PM PDT by yesthatjallen
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To: yesthatjallen

As my old aunt would say “God help us”.


2 posted on 05/04/2020 2:16:03 PM PDT by laplata (The Left/Progressives have diseased minds.)
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To: yesthatjallen

You know those fumes we’ve been running on since the 1950s? Yeah, they’re about to run out.


3 posted on 05/04/2020 2:16:19 PM PDT by Antoninus (The press has lost the ability to persuade. They retain the ability to foment a panic.)
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To: yesthatjallen

Borrow from who?


4 posted on 05/04/2020 2:17:48 PM PDT by EvilCapitalist (Pets are no substitute for children.)
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To: yesthatjallen

A good old fashioned depression is headed our way. Stock up on ritz crackers so you can make mock apple pie.


5 posted on 05/04/2020 2:19:03 PM PDT by pepsi_junkie (Often wrong, but never in doubt!)
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To: yesthatjallen

I thought my finances were bad...

At least I pay all my bills on time without writing bad
paper.


6 posted on 05/04/2020 2:19:20 PM PDT by DoughtyOne (Some of the folks around these parts have been sniffing super flu.)
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To: yesthatjallen

fortunately the interest rate is zero ... perfect time for Treasury to be borrowing money ... they probably ought to look at the possibility of refinancing the rest of the national debt right now if that’s possible ...


7 posted on 05/04/2020 2:21:14 PM PDT by catnipman (Cat Nipman: Vote Republican in 2012 and only be called racist one more time!)
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To: yesthatjallen

A trillion here, a trillion there, pretty soon, you’re talking real money.


8 posted on 05/04/2020 2:23:08 PM PDT by FewsOrange
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To: EvilCapitalist

“Borrow from who?”

The Chinese.


9 posted on 05/04/2020 2:27:59 PM PDT by Meatspace
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To: laplata
As my old aunt would say “God help us”.

One of my hopes for Trump was he would get the debt under control.

That's not gonna happen.

10 posted on 05/04/2020 2:28:01 PM PDT by yesthatjallen
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To: yesthatjallen

I hope they borrow enough now at near zero interest rate, that they they don’t have to borrow at high rates later on.


11 posted on 05/04/2020 2:33:33 PM PDT by DannyTN
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To: yesthatjallen

That’s right. It will never happen.


12 posted on 05/04/2020 2:33:46 PM PDT by laplata (The Left/Progressives have diseased minds.)
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To: yesthatjallen

Yeah, like that’s going to end well......


13 posted on 05/04/2020 2:35:23 PM PDT by onona (I'm sure there's more)
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To: onona

You just go back and bury your head back into netflix.


14 posted on 05/04/2020 2:36:35 PM PDT by onona (I'm sure there's more)
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To: yesthatjallen

Just who has $3 trillion lying around to loan?


15 posted on 05/04/2020 2:38:54 PM PDT by Blood of Tyrants (Tyrants don't just give you your freedoms back. You have to take them.)
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To: EvilCapitalist

Currently it is The Fed that is buying treasury t-bills. (With printed money...”monetizing the debt”...the printer goes “brrrrrrrrrr”!!)

Remember when Bernanke said the Fed wouldn’t monetize the debt?

https://www.c-span.org/video/?c4546512/user-clip-bernanke-debt-monetization


16 posted on 05/04/2020 2:38:54 PM PDT by Drago
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To: yesthatjallen

Donald Trump made a career out of running up enormous debts and then bailing out out them if his investments went south. Anyone who thought he had any interest in controlling our Federal debt wasn’t paying attention.


17 posted on 05/04/2020 2:42:17 PM PDT by Alberta's Child ("And somewhere in the darkness ... the gambler, he broke even.")
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To: Alberta's Child

Yeah, that’s what he made his career out of. Oh brother.


18 posted on 05/04/2020 2:45:33 PM PDT by fhayek
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To: yesthatjallen

Oh calm down! It’ll be fine.


19 posted on 05/04/2020 2:46:41 PM PDT by SgtHooper (If you remember the 60's, YOU WEREN'T THERE!)
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To: DannyTN
I hope they borrow enough now at near zero interest rate, that they they don’t have to borrow at high rates later on.

This borrowing is for immediate deficit. For future deficits they'll borrow what they need when they need it at whatever the interest rate is.

20 posted on 05/04/2020 2:47:06 PM PDT by DoodleDawg
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