U.S. Treasury Department says it expects to borrow a record $3 trillion in the second quarter to pay for coronavirus relief measures.

  • In the third quarter, the Treasury says it expects to borrow $677 billion.
  • The Treasury had been paying down debt when the COVID-19 pandemic swept across the country.
  • Congress approved nearly $3 trillion to aid businesses hurt by the shutdowns resulting from the pandemic.
  • The U.S. also lost revenue due to the deferral of federal taxes from April to July.