WASHINGTON — The Treasury Department says it will need to borrow $493 billion in the first three months of this year, a record amount for the January-March period.
The Treasury Department says that figure comes on top of $569 billion the government borrowed from October through December, the all-time high for any quarter.
The huge amounts of borrowing in the first six months of the budget year reflect the impact of soaring costs to cover the $700 billion financial rescue program and a deepening recession that has cut into tax revenues.
So the great minds in Washington want to spend over a trillion (with interest) more. Anyone see ant problem with this?
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