Virgil
02-02-2009, 02:14 PM
Another assembly of one sentence paragraphs from AP.
http://www.sfgate.com/cgi-bin/article.cgi?f=/n/a/2009/02/02/national/w121015S93.DTL
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Monday, February 2, 2009
he Treasury Department said Monday it will need to borrow $493 billion in the first three months of this year, a record amount for the January-March period.
The Treasury Department figure comes on top of $569 billion the government borrowed from October through December, the all-time high for any quarter.
The huge amounts of borrowing in the first six months of the budget year reflect the impact of soaring costs to cover the $700 billion financial rescue program and a deepening recession that has cut into tax revenues.
The department estimated that its borrowing needs will drop to $165 billion in the April-June quarter, a period when the government's coffers swell from people paying their income taxes.
Treasury's estimates include the cost of funding the $700 billion financial bailout program that Congress passed on Oct. 3, but do not include the cost of President Barack Obama's more than $800 billion economic stimulus plan.
For the budget year that began Oct. 1, the Treasury's borrowing needs are expected to reach an all-time high, reflecting a budget deficit projected to hit a record above $1 trillion. That will far exceed the current all-time, a deficit of $454.8 billion in the budget year that ended Sept. 30.
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http://www.sfgate.com/cgi-bin/article.cgi?f=/n/a/2009/02/02/national/w121015S93.DTL
==============
Monday, February 2, 2009
he Treasury Department said Monday it will need to borrow $493 billion in the first three months of this year, a record amount for the January-March period.
The Treasury Department figure comes on top of $569 billion the government borrowed from October through December, the all-time high for any quarter.
The huge amounts of borrowing in the first six months of the budget year reflect the impact of soaring costs to cover the $700 billion financial rescue program and a deepening recession that has cut into tax revenues.
The department estimated that its borrowing needs will drop to $165 billion in the April-June quarter, a period when the government's coffers swell from people paying their income taxes.
Treasury's estimates include the cost of funding the $700 billion financial bailout program that Congress passed on Oct. 3, but do not include the cost of President Barack Obama's more than $800 billion economic stimulus plan.
For the budget year that began Oct. 1, the Treasury's borrowing needs are expected to reach an all-time high, reflecting a budget deficit projected to hit a record above $1 trillion. That will far exceed the current all-time, a deficit of $454.8 billion in the budget year that ended Sept. 30.
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