U.S. to borrow $1.23 trillion (that’s no typo) this year

U.S. to borrow $1.23 trillion (that’s no typo) this year

[Ed. – How about replacing our federal government with a real government?]

Borrowing by the federal government is set to top $1 trillion for the second year in a row as higher spending outpaces revenue growth and concern about budget deficits wanes in Washington and on Wall Street.

The Treasury Department said Monday it expects to issue $814 billion in net marketable debt in the second half of this calendar year, bringing total debt issuance to $1.23 trillion in 2019. That would represent a slight decline from borrowing in 2018, when the Treasury issued $1.34 trillion in debt — more than twice as much as the $546 billion it issued in 2017.

The budget gap for the fiscal year that ends Sept. 30 is on course to exceed $1 trillion, following the 2017 tax cuts that constrained federal revenue and a previous two-year budget deal that raised spending nearly $300 billion above spending caps Congress enacted in 2011.

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