U.S. to borrow record $3 trillion
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The U.S. Treasury plans to borrow $3 trillion in the second quarter of 2020 – over five times the previous quarterly record at the height of the 2008 financial crisis – amid frantic spending on pandemic relief
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U.S. FEDERAL BUDGET DEFICIT

Republican 
Democrat

$bn 0 -500 -1,000 -1,500 -2,000 -2,500 -3,000 -3,500

Fiscal year   01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20

2001: Bush inherits $128bn surplus from Clinton

2001-09 Economic stimulus package -$1.4 trillion

2005 Hurricane Katrina -$318bn

2004 Iraq War -$413bn

2008 Financial crisis -$459bn

2009 Economic stimulus package -$1.4 trillion

2009-17 Barack Obama

2011 Debt crisis -$1.3 trillion

2015 Lowest deficit in Obama era -$442bn 

2017-20 Donald Trump

2019 Government shutdown -$984bn
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2020: Budget shortfall expected to soar to
$3.8 trillion, up from $984bn in 2019, as federal government tries to mitigate impact of coronavirus
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Sources: The Balance, Federal Reserve Economic Data Pictures: Getty Images © GRAPHIC NEWS
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