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Federal government ups borrowing
2/4/2004
WASHINGTON (AP) - The government expects to tap $177 billion from the credit markets this quarter, which would mark the largest amount ever borrowed in any quarter, the Treasury Department said.
The new borrowing estimate for the January-to-March quarter is bigger than the previous projection of $160 billion made in November.
"This increase in borrowing is due to lower receipts, primarily from an increase in tax refunds, and higher outlays," the department said. Officials would not provide more detailed information.
The new projection comes as the government's finances worsen. This year's budget deficit is expected to total $521 billion, a record in dollar terms. That would surpass the previous record deficit of $374.2 billion produced in the 2003 budget year.
For the October-to-December quarter, government borrowing came to $113 billion, an all-time high for any quarter.
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