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 ...
As my old aunt would say “God help us”.
You know those fumes we’ve been running on since the 1950s? Yeah, they’re about to run out.
Borrow from who?
A good old fashioned depression is headed our way. Stock up on ritz crackers so you can make mock apple pie.
I thought my finances were bad...
At least I pay all my bills on time without writing bad
paper.
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 ...
A trillion here, a trillion there, pretty soon, you’re talking real money.
“Borrow from who?”
The Chinese.
One of my hopes for Trump was he would get the debt under control.
That's not gonna happen.
I hope they borrow enough now at near zero interest rate, that they they don’t have to borrow at high rates later on.
That’s right. It will never happen.
Yeah, like that’s going to end well......
You just go back and bury your head back into netflix.
Just who has $3 trillion lying around to loan?
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
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 wasnt paying attention.
Yeah, that’s what he made his career out of. Oh brother.
Oh calm down! It’ll be fine.
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.
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