Democracy Dies in Darkness

Treasury plans to borrow $3 trillion from April through June as enormous coronavirus costs pile up

Low interest rates make the borrowing cheaper, but the new debt shows how much new spending outpaces falling revenue

By
May 4, 2020 at 4:42 p.m. EDT
President Trump and Treasury Secretary Steven Mnuchin deliver remarks last week on the Paycheck Protection Program. (Jabin Botsford/The Washington Post)

The Treasury Department plans to borrow $2.99 trillion from April through June to cover the federal government’s massive response to the coronavirus pandemic, issuing a tremendous level of debt to try to limit the economic impact on U.S. businesses and workers.

Last year, Treasury borrowed $1.28 trillion over 12 months. Its plan to borrow $3 trillion would be done over just three months.