The U.S. Treasury announced Monday that it expects to borrow $441 billion in the current fiscal quarter (January to March), the largest amount since the depths of the Great Recession in 2010.
The increased borrowing is driven by the growing budget deficit, which is expected to hit roughly $765 billion this year, up from $666 billion last year, and will likely top $1 trillion in 2019.
Treasury Secretary Mnuchin has asked Congress to raise the $20.5 trillion debt ceiling to make room for the additional borrowing, and is currently using special measures to remain under the legislatively imposed limit.