US Treasury to borrow record 3 trillion USD in second quarter

(VOVWORLD) - The US Treasury Department on Monday said it plans to borrow nearly 3 trillion USD in the second quarter of this year - a record for any quarter - as the federal government contends with the impact of the coronavirus. 

The red ink comes thanks to multiple stimulus efforts Congress has passed to resuscitate an economy brought to a standstill amid social distancing efforts to halt the virus spread.

Allocations thus far have totaled more than 2 trillion USD, and at last one more package is expected to help the more than 30 million Americans who have hit the unemployment line as well as thousands of other businesses that have seen their revenue streams evaporate.