The US federal government is projected to borrow a total of $1.3 trillion this year, which is extraordinary by historical standards because it has never happened outside the recession or recessionary conditions when Govt expanded the fiscal to support the economy.
The increased borrowing is also notable for coming at a time of rising interest rates. That makes each dollar borrowed more costly than dollars borrowed in previous years when interest rates were lower.
The increase in projected spending is necessary, in large part, to finance the $1.5 trillion in tax cuts passed late last year Republicans in Congress and signed by President Trump. 