WASHINGTON (AP) — The Treasury Department said Monday it plans to increase its borrowing during the first three months of 2023, even as the federal government is bumping up against a $31.4 trillion limit on its legal borrowing authority.
The U.S. plans to borrow $932 billion during the January-to-March quarter. That's $353 billion more than projected last October, due to a lower beginning-of-quarter cash balance and projections of lower-than-expected income tax receipts and higher spending.
The increased borrowing will take place as Democrats and the White House push for Congress to increase the federal debt limit. President Joe Biden wants the cap raised without any preconditions. The new House Republican majority is seeking to secure spending cuts in exchange for a debt limit increase.
