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Treasury Secretary Steven Mnuchin. Photo: Mark Makela/Getty Images

The U.S. Treasury will need to borrow a record $2.99 trillion this quarter to pay for coronavirus relief efforts, it announced Monday.

Why it matters: The borrowing is a result of nearly $3 trillion in spending that Congress has enacted since the start of the pandemic. That outlay included direct payments to most U.S. households, the Paycheck Protection Program and other economic relief. It also reflects a dip in revenues because the government delayed the tax filing deadline to June.

  • The $2.99 trillion is more than double the $1.28 trillion the U.S. borrowed in all of 2019. Treasury had originally planned to pay off $56 billion in debt during the quarter.
  • Treasury also projected that it would need to borrow another $677 billion next quarter.

Our thought bubble via Axios' Felix Salmon: This quarter's borrowing requirements amount to 81% of the projected $3.7 trillion annual deficit for fiscal 2020 as a whole. It's a predictable consequence of pushing the tax filing deadline — and therefore millions of substantial revenues — back three months from April 15. 

Of note: The report comes as the Congressional Budget Office forecast a sharp increase in the national debt to 101% of GDP by the end of the fiscal year. The CBO also projected that the economy will shrink by an annual rate of 40% during the current quarter.

Go deeper

Updated Oct 7, 2020 - Health

World coronavirus updates

Expand chart
Data: The Center for Systems Science and Engineering at Johns Hopkins; Map: Axios Visuals

New Zealand now has active no coronavirus cases in the community after the final six people linked to the Auckland cluster recovered, the country's Health Ministry confirmed in an email Wednesday.

The big picture: The country's second outbreak won't officially be declared closed until there have been "no new cases for two incubation periods," the ministry said. Auckland will join the rest of NZ in enjoying no domestic restrictions from late Wednesday, Prime Minister Jacinda Ardern said, declaring that NZ had "beat the virus again."

Aug 11, 2020 - Health

Georgia reports 137 coronavirus deaths, setting new daily record

Georgia Gov. Brian Kemp puts on a mask after speaking at a press conference. Photo: Elijah Nouvelage/Getty Images

A record 137 people have died from the coronavirus in Georgia on Tuesday, surpassing the state's record from last week, according to the Georgia Health Department.

By the numbers: Georgia is one of several states in the South that saw spikes in daily deaths on Tuesday, including Florida which had a record 276 deaths. Alabama and Tennessee recorded their second-highest daily death tolls at 50 and 38, respectively.

Aug 11, 2020 - Health

Trump administration buys 100 million doses of Moderna's vaccine

A volunteer in Moderna's vaccine clinical trial receives a shot. Photo: Paul Hennessy/NurPhoto via Getty Images

The U.S. government has agreed to buy 100 million doses of Moderna's experimental coronavirus vaccine for $1.5 billion, or $15 per dose.

Why it matters: The Trump administration, through Operation Warp Speed, has now bought initial batches of vaccines from Moderna, GlaxoSmithKline and Sanofi, Pfizer, Novavax, Johnson & Johnson and AstraZeneca before knowing whether they are safe and effective. The federal government also appears to own some of the patent rights associated with Moderna's vaccine.