The Treasury Department plans to borrow $2.9 trillion from April through June to cover the government's response to the outbreak of the virus, which brought the nation's economy to a near standstill in mid-March. By comparison, the agency borrowed $1.28 trillion for the entirety of 2019.
Currently, the national debt -- which measures what the U.S. owes its creditors -- is about $25 trillion.
The federal government regularly spends more than it collects -- the difference between the spending and the revenue is known as the deficit -- and adds billions to the national debt each year.
For instance, in fiscal 2019 (which ended in September), total revenues were up $3.5 trillion and total spending was up $4.4 trillion. The resulting deficit was $984 billion.
The deficit for fiscal 2020 is expected to soar to $3.8 trillion, a record, according to a projection from the Committee for a Responsible Federal Budget.
The record for a fiscal year deficit was $1.41 trillion, set in 2009.