Here is some scary news reported by AP.
“The Treasury Department said Monday it will need to borrow $361 billion in the current April-June quarter, a record amount for that period. It’s the third straight quarter the government’s borrowing needs have set records for those periods.”
The bad news continues…
“Treasury also estimated it will need to borrow $515 billion in the July-September quarter, down slightly from the $530 billion borrowed during the year-ago period. The all-time high of $569 billion was set in the October-December period.”
“To cover the government’s heavy borrowing needs, Congress in February boosted the limit for the national debt to $12.1 trillion as part of the legislation that enacted President Barack Obama‘s $787 billion economic stimulus program. The national debt now stands at $11.1 trillion.”
One may only hope that the problems are to be solved…
Go to RealClearPolitics to read more on this story.
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