Chances are, a government can raise money more easily in a boom than it can in a bust.
Actually, no.
When in boom times the government competes with other borrowers
thus raising interest rates on all other borrowers and ultimately forcing
some of the other out of the market when they cannot pay those rates.
Government borrowing in boom times acts as brake on economic growth.
When in a bust, people who loan money become afraid that they will not
get their monty back and either will not lend or lend to people who they
feel certain they will get their money back in time. Governments have a
rather unique asset in that they can tax almost anything. Thus people
who lend see them as safe places to lend money.
Not only can government borrow money cheaply during a bust, they can
also pay much less for projects and hire people for less than in a normal
economy. But it comes at a price, money spent by the government shortens
the bust. Likewise, if government payed off its debts during boom times,
the money flowing back into price loans extends the boom.