AP Economics Writer
WASHINGTON (AP) — The economic paralysis triggered by the coronavirus pandemic is forcing the U.S. Treasury to borrow far more than it ever has before — $2.99 trillion in the current quarter alone.
The amount is more than five times the government's previous record borrowing for a quarter, $569 billion, set in the depths of the 2008 financial crisis. It also dwarfs the $1.28 trillion the government borrowed in the bond market for all of 2019.
The Treasury Department said the huge sum is needed to pay for nearly $3 trillion in rescue aid that the government has unleashed in programs to support tens of millions of jobless workers and shuttered businesses with direct payments and loans.
"Borrowing needs are skyrocketing as Treasury needs cash to