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US Treasury lends four trillion dollars

US Treasury lends four trillion dollars

New loans will one and a half times exceed the entire debt volume for the previous year and will go to finance anti-crisis programs.

The US Treasury Department plans to borrow $2.99 trillion by the end of June. The relevant plans of the department were published on Monday, May 4.

The funds are intended to finance programs adopted by the White House to overcome the coronavirus crisis in the US economy, including support for businesses and employees.

The need for loans is due to the projected federal budget deficit of $3.7 trillion for the current fiscal year.

In addition, in the third quarter, the US Treasury intends to borrow another 677 billion dollars. At the same time, the entire volume of borrowings in 2019 amounted to 1.29 trillion dollars.

Recall, the US Treasury Department paid $2.9 billion to American carriers, faced with significant financial losses due to the COVID-19 coronavirus pandemic.

As reported, the US national debt reached a record $24.5 trillion. At the same time, due to measures to combat the consequences of the pandemic, from the beginning of the year, the US public debt grew by $1.5 trillion.

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