US Treasury projects record Q3 borrowing of $947 billion

US Treasury projects record Q3 borrowing of $947 billion
This Sept. 18, 2019 photo shows the U.S. Treasury Department building viewed from the Washington Monument in Washington. The Treasury Department says it will need to borrow a record $2.99 trillion during the current April-June quarter to cover the cost of various rescue efforts dealing with the coronavirus pandemic. Treasury said Monday, May 4, 2020 that the $2.99 trillion it plans to borrow this quarter will far surpass the $530 billion quarterly borrowing it did in the July-September 2008 quarter as it dealt with the 2008 financial crisis. The extraordinary sum of $2.99 trillion of borrowing in a single quarter dwarfs the $1.28 trillion the government borrowed in the bond market for all of 2019. (Source: AP Photo/Patrick Semansky)

WASHINGTON (AP) — The Treasury Department is projecting government borrowing of $947 billion in the current July-September period, which would be a record for the quarter but down from the all-time high of $2.75 trillion in this year's second quarter .

Treasury officials announced Monday that the government also plans to borrow $1.22 trillion in the October-December period.

Those amounts include $1 trillion in expected borrowing to finance another economic stimulus package, which is tied up in negotiations between Democrats and Republicans.

Treasury officials said the $1 trillion amount, spread over this quarter and the October-December period, is essentially a place holder since both sides remain far apart in how much the country should provide in economic support on top of the more than $3 trillion Congress has already provided.

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