Press Releases

Treasury Announces Marketable Borrowing Estimates

(Archived Content)


  Washington- Treasury announced its current estimates of marketable borrowing today for the July – September 2008 and October – December 2008 quarters:

  • Over the July – September 2008 quarter, the Treasury expects to borrow $171 billion of marketable debt, assuming an end-of-September cash balance of $45 billion.  This borrowing estimate is $59 billion higher than announced in April 2008.  The increase in borrowing is primarily due to higher outlays and lower net issuances of State and Local Government Series securities.
  • Over the October – December 2008 quarter, the Treasury expects to borrow $142 billion of marketable debt, assuming an end-of-December cash balance of $40 billion.

During the April – June 2008 quarter, Treasury borrowed $13 billion of marketable debt, finishing with a cash balance of $53 billion at the end of June.  In April 2008, Treasury estimated a pay down in marketable borrowing of $35 billion, assuming an end-of-June cash balance of $45 billion.  The increase in borrowing was primarily the result of lower receipts, higher outlays, redemptions of portfolio holdings by the Federal Reserve System and adjustments to cash balances.

Treasury estimates total marketable borrowing of $555 billion in FY 2008.  Note that beginning in April 2008, in order to more accurately reflect borrowing from private market participants, redemptions from the Federal Reserve's System Open Market Account (SOMA) were excluded from Treasury's marketable borrowing estimates.  To date this fiscal year, the Federal Reserve System redeemed $151 billion in SOMA holdings.  The table below details the impact of excluding SOMA redemptions in the actual results for the three previous quarters.

Additional financing details relating to Treasury's Quarterly Refunding will be released at 9:00 a.m. on Wednesday, July 30.