By MARTIN CRUTSINGER, AP Economics Writer
WASHINGTON - The federal government, running record budget deficits over the past two years, is projecting that it will have to borrow a record $147 billion in the first three months of 2005, the Treasury Department (news - web sites) announced Monday.
The department projected net borrowing needs of $100 billion for the current October-December quarter, less than the $122 billion it had earlier estimated would be needed to meet the government's obligations.
Treasury said it is currently projecting net borrowing of $147 billion in the January-March quarter of next year, which would top the previous record net borrowing amount for a single quarter of $146 billion set in the January-March quarter of this year.
In the recently completed July-September quarter, Treasury borrowed a net $89 billion and ended the quarter with a cash balance of $36 billion. For the current quarter, Treasury is projecting to end the three-month period with a cash balance of $25 billion.
With the huge borrowing needs, the government is only $25 million below the national debt ceiling of $7.384 trillion. It has been using accounting maneuvers with the debt held in the government's trust funds to keep from going over the limit.
More... http://story.news.yahoo.com/news?tmpl=story&cid=533&e=4&u=/ap/20041101/ap_on_go_pr_wh/borrowing
As I said in other post -- My tip: When you have your own child(ren) and grandchild(ren), be sure to explain to them that they will have to work 12 - 16 hours and 6 - 7 days per week to pay off the huge debts/tax in future. Ok? Good. We don't need to disappoint our child(ren) and grandchild(ren) right?
WASHINGTON - The federal government, running record budget deficits over the past two years, is projecting that it will have to borrow a record $147 billion in the first three months of 2005, the Treasury Department (news - web sites) announced Monday.
The department projected net borrowing needs of $100 billion for the current October-December quarter, less than the $122 billion it had earlier estimated would be needed to meet the government's obligations.
Treasury said it is currently projecting net borrowing of $147 billion in the January-March quarter of next year, which would top the previous record net borrowing amount for a single quarter of $146 billion set in the January-March quarter of this year.
In the recently completed July-September quarter, Treasury borrowed a net $89 billion and ended the quarter with a cash balance of $36 billion. For the current quarter, Treasury is projecting to end the three-month period with a cash balance of $25 billion.
With the huge borrowing needs, the government is only $25 million below the national debt ceiling of $7.384 trillion. It has been using accounting maneuvers with the debt held in the government's trust funds to keep from going over the limit.
More... http://story.news.yahoo.com/news?tmpl=story&cid=533&e=4&u=/ap/20041101/ap_on_go_pr_wh/borrowing
As I said in other post -- My tip: When you have your own child(ren) and grandchild(ren), be sure to explain to them that they will have to work 12 - 16 hours and 6 - 7 days per week to pay off the huge debts/tax in future. Ok? Good. We don't need to disappoint our child(ren) and grandchild(ren) right?