16:21 GMT26 September 2020
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    Nations Continue to Fight COVID-19 Crisis as Over 2.5 Million People Infected Globally (239)
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    WASHINGTON (Sputnik) - The Department of the Treasury said in a statement on Monday that it will borrow nearly $3 trillion this quarter to fund the US economy through the novel coronavirus (COVID-19) pandemic.

    "During the April - June 2020 quarter, Treasury expects to borrow $2.999 billion in privately-held net marketable debt, assuming an end-of-June cash balance of $800 billion," the statement said.

    The Treasury Department noted that its total estimated borrowing of $3.055 billion will be higher than the number previously announced in February.

    The increase in privately-held net marketable borrowing was "primarily driven by the impact of the COVID-19 outbreak, including expenditures from new legislation to assist individuals and businesses, changes to tax receipts including the deferral of individual and business taxes from April – June until July," the statement said.

    The United States has been worst affected by the COVID-19 pandemic with nearly 1.2 million infections and more than 68,000 COVID-19-related deaths.

    Topic:
    Nations Continue to Fight COVID-19 Crisis as Over 2.5 Million People Infected Globally (239)

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