Economics
Mnuchin to Issue $3 Trillion in Debt After Virus Hobbles Economy
- Treasury boosts April-June borrowing to fund stimulus
- Congress is debating fourth coronavirus rescue package
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Treasury Secretary Steven Mnuchin plans to boost U.S. borrowing from April through June by an unprecedented $3 trillion to support an economy entering a recession caused by the coronavirus.
The Treasury said the increase is driven by new stimulus spending legislation and tax receipt deferrals, steps taken to help the economy overcome social distancing measures that shuttered businesses.