(UTV |US ) -The US has said it wants to borrow a record $3tn (£2.4tn) in the second quarter, as coronavirus-related rescue packages blow up the budget.
The sum is more than five times the previous quarterly record, set at the height of the 2008 financial crisis.
In all of 2019, the country borrowed $1.28tn. The US has approved about $3tn in virus-related relief, including health funding and direct payouts.
Total US government debt is now near $25tn.
The latest spending packages are estimated to be worth about 14% of the country’s economy. The government has also extended the annual 15 April deadline for tax payments, adding to the cash crunch.
The new borrowing estimate is more than $3tn above the government’s previous estimate, a sign of the impact of the new programmes.