Treasury projects Q3 borrowing to surge to $329 billion

July 30, 2018 - 12:57 pm

WASHINGTON (AP) — The Treasury Department says the federal government plans to borrow $329 billion in the current July-September quarter. That's the highest third-quarter figure in eight years, as the government faces rising borrowing needs due to higher budget deficits.

Treasury says that the projected borrowing is 74 percent higher than the $189 billion borrowed in the same quarter a year ago and would mark the largest July-September amount since 2010.

The Trump administration announced earlier this month in its mid-session budget review that it expects this year's deficit to rise to $890 billion and climb further to $1.1 trillion in 2019.

Critics say the surging deficits reflect the impact of the $1.5 trillion in tax cuts President Donald Trump pushed Congress to approve in December.

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