U.S. to borrow $3 trillion as spending soars

In all of 2019, the country borrowed $1.28tn. The US has approved about $3tn in virus-related relief, including health funding and direct payouts.

Total US government debt is now near $25tn.

The latest spending packages are estimated to be worth about 14% of the country’s economy. The government has also extended the annual 15 April deadline for tax payments, adding to the cash crunch.

The new borrowing estimate is more than $3tn above the government’s previous estimate, a sign of the impact of the new programmes.