"During the April - June 2020 quarter, Treasury expects to borrow $2.999 billion in privately-held net marketable debt, assuming an end-of-June cash balance of $800 billion," the statement said.
The Treasury Department noted that its total estimated borrowing of $3.055 billion will be higher than the number previously announced in February.
The increase in privately-held net marketable borrowing was "primarily driven by the impact of the COVID-19 outbreak, including expenditures from new legislation to assist individuals and businesses, changes to tax receipts including the deferral of individual and business taxes from April – June until July," the statement said.
The United States has been worst affected by the COVID-19 pandemic with nearly 1.2 million infections and more than 68,000 COVID-19-related deaths.