Treasury projects borrowing to surge

The Treasury Department says the federal government plans to borrow $329 billion in the current July-September quarter. That’s the highest third-quarter figure in eight years, as the government faces rising borrowing needs due to higher budget deficits. Treasury says that the projected borrowing is 74 percent higher than the $189 billion borrowed in the same quarter a year ago and would mark the largest July-September amount since 2010. The Trump administration announced earlier this month in its mid-session budget review that it expects this year’s deficit to rise to $890 billion and climb further to $1.1 trillion in 2019. Critics say the surging deficits reflect the impact of the $1.5 trillion in tax cuts President Donald Trump pushed Congress to approve in December.