The U.S. Treasury is focused on paying down debt in Q2 2013 for the first time since the global recession, reports ft.com.

The Treasury plans to repay a net amount of $53 billion through tax increases, a cyclical recovery in tax revenues and a squeeze on spending.

Read more.

Also read:

U.S. economy up 2.5% in Q1

Sequestration to hit U.S. economy

U.S. economy poised for growth