The Treasury Department is on track to borrow nearly $1 trillion this fiscal year, almost double the amount the federal government borrowed last year, The Washington Post reported Saturday.
The government is likely to borrow $955 billion during this fiscal year, which is the first full fiscal year under President Trump. The government last year borrowed $519 billion, the Post noted, adding that the increase was attributed primarily to the “fiscal outlook.”
The Treasury Department last week released its estimates for how much it would need to borrow for the next two quarters.
The report came the same day that the Congressional Budget Office (CBO) moved up its projected deadline for when the Treasury would run out of cash, citing the Republican tax overhaul.
The nonpartisan budget scorekeeper had estimated in November that the Treasury would run out of cash in late March or early April. After Trump signed the tax-cut law in December, however, the CBO revised its estimate to the first half of March.
If the Treasury Department runs out of cash, the government would delay payments, default on its debt or both, the CBO said.
Treasury Secretary Steven Mnuchin urged lawmakers Tuesday to raise the debt ceiling as soon as possible.
Lawmakers, meanwhile, must also pass a funding bill prior to Feb. 9 to keep the government open.