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Treasury proposes less borrowing

3 years 2 months 2 weeks ago Monday, August 03 2015 Aug 3, 2015 August 03, 2015 8:00 PM August 03, 2015 in News
Source: Associated Press

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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