Treasury to increase borrowing amid debt ceiling standoff

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The Associated Press

WASHINGTON (AP) – The Treasury Department has announced plans to increase its borrowing during the first three months of 2023.

The move highlights the ongoing debate over federal spending that has overtaken Washington, as the U.S. government is on track to max out on its $31.4 trillion statutory borrowing authority – also known as the debt ceiling.

Treasury officials said Monday the U.S. plans to borrow $932 billion during the January-to-March quarter – which is $353 billion more than announced last October.

That’s due to a lower beginning-of-quarter cash balance of $253 billion, and projections of lower than expected income tax receipts and higher spending.

Read the full story on AP News right here.

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1/30/2023 4:50:03 PM (GMT -6:00)

Categories: Regional and US News