US government borrowing will hit 8-year high
With the government's budget deficit rising, the Treasury Department says it expects to borrow $441 billion in the current January-March quarter, the largest amount in eight years.
The Treasury says this figure compares to actual borrowing of $282 billion in the October-December quarter. It will be the largest borrowing need since the government borrowed $483 billion in the January-March quarter of 2010.
The government's borrowing needs have been rising as federal deficits have increased. The deficit for the 2017 budget year, which ended last September, totaled $665.8 billion. Private forecasters believe this year's deficit will climb to around $765 billion, and some are forecasting deficits for next year could once again top $1 trillion, reflecting higher government spending and the impact of last month's tax cuts.