The Treasury Department said Monday it plans to increase its borrowing during the April to June quarter of this year, even as the federal government is close to breaching the $31.4 trillion limit on its legal borrowing authority.
The U.S. plans to borrow $726 billion during the quarter. That’s $449 billion more than projected in January, due to a lower beginning-of-quarter cash balance and projections of lower-than-expected income tax receipts and higher spending.
