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Treasury Sees 2018 Borrowing Needs Surging to $1.34 Trillion

  • Department expects to issue $425 billion in debt this quarter
  • Government is stepping up borrowing to fund a yawning deficit
Treasury building in Washington, D.C.

Photographer: Andrew Harrer/Bloomberg

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The U.S. Treasury Department said government borrowing this year will more than double from 2017 to $1.34 trillion as the Trump administration finances a rising budget deficit.

Specifically, the department expects to issue $425 billion in net marketable debt from October through December, lower than the $440 billion estimated in July, according to a statement released Monday in Washington. The Treasury sees an end-of-December cash balance of $410 billion, compared with its previous forecast of $390 billion.