Treasury proposes less borrowing
WASHINGTON- The treasury Department proposes borrowing the lowest total in eight years at $552-billion.
It would represent of drop of almost 18 percent from last year's $670-billion.
It'll be the smallest amount the government has borrowed since 2007's $150-billion. A string of record deficits started a borrowing surge in 2007.
The gap between spending and revenues topped $1-trillion as the government struggled with a financial meltdown and the worst recession since the great depression of the 1930's.
The current national debt totals $18.1-trillion.
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