The Treasury Department said Monday it plans to increase its borrowing during the first three months of 2023, even as the federal government is bumping up against a $31.4 trillion limit on its legal borrowing authority.
The U.S. plans to borrow $932 billion during the January-to-March quarter. That's $353 billion more than projected last October, due to a lower beginning-of-quarter cash balance and projections of lower-than-expected income tax receipts and higher spending.
