US Treasury Secretary Steven Mnuchin
The United States is set to borrow twice as much as it did last year in a quarter over the economic crisis hitting the country amid the coronavirus pandemic.
Washington is planning to borrow nearly $3 trillion between April and June, the US Treasury Department announced Monday citing the covid-19 crisis.
"The increase in privately-held net marketable borrowing is primarily driven by the impact of the covid-19 outbreak," said the department.
Fed chairman Jerome Powell vowed last week to use the countrys fiscal power to battle the economic recession.
"This is the time to use the great fiscal power of the United States to do what we can to support the economy and try to get through this with as little damage to the longer run productive capacity of the economy as possible," Powell said. "But this is not the time... to let that get in the way of us winning this battle."
The unprecedented level of deficit financing was announced in the wake of the Congress authorization of trillions of dollars in relief payments, unemployment benefits and loans to small businesses.
SOURCE: PRESS TV
LINK: https://www.ansarpress.com/english/16960
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