US Treasury to borrow whopping $3tn in Q2

The US Treasury on Monday said it plans to borrow nearly $3tn in Q2 2020 — more than five times the previous record in 2008— as the govt spends swiftly to mitigate the impact of Covid-19 on the economy. The Treasury’s net borrowing in 2019, by contrast, was $1.28tn. The latest estimate is over the original target of Q2 issued in early Feb which instead expected repayment of $56bn debt by govt.