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Washington- Treasury announced its current estimates of marketable borrowing today for the October – December 2008 and January – March 2009 quarters:
Over the October – December 2008 quarter, the Treasury expects to borrow $550 billion of marketable debt, assuming an end-of-December cash balance of $300 billion, which includes $260 billion for the Supplementary Financing Program (SFP). Without the SFP, the end-of-December cash balance is expected to be $40 billion. This borrowing estimate is $408 billion higher than announced in July 2008. The increase in borrowing is primarily due to higher outlays related to economic assistance programs, lower receipts, and lower net issuances of State and Local Government Series securities.
Over the January – March 2009 quarter, the Treasury expects to borrow $368 billion of marketable debt, assuming an end-of-March cash balance of $75 billion.
During the July – September 2008 quarter, Treasury borrowed $530 billion of marketable debt, including $300 billion for the SFP, and finished with a cash balance of $372 billion at the end of September. Without the SFP, the end of September cash balance was $72 billion. In July 2008, Treasury estimated $171 billion in marketable borrowing, assuming an end-of-September cash balance of $45 billion. The increase in borrowing was related to the SFP, lower receipts, higher outlays, and lower net issuances of State and Local Government Series securities.
Additional financing details relating to Treasury's Quarterly Refunding will be released at 9:00 a.m. on Wednesday, November 5.
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