U.S. Treasury increases second-quarter borrowing estimate due to COVID-19 response
The U.S. Treasury said on Monday it plans to borrow $463 billion in the second quarter, more than the February estimate of $95 billion, as it increases spending in response to COVID-19.
The second-quarter estimate assumes an end-June cash balance of $800 billion, the Treasury said in a statement.
It comes after the Treasury in February slashed its borrowing projections for the first and second quarters as part of a plan to reduce its cash balance.
The Treasury said it issued $401 billion in net debt in the first quarter,...