FROM THE OFFICE OF PUBLIC AFFAIRS
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The Treasury Department announced today that it expects net borrowing of marketable debt to total $38 billion in the April – June 2004 quarter. The projected cash balance on June 30 is $45 billion. In the last quarterly announcement on February 2, 2004, Treasury announced that it expected net borrowing to total $75 billion with an end-of-quarter cash balance of $45 billion. The decrease in borrowing is due to higher receipts, both from lower refunds and higher payroll and individual taxes, lower outlays, and higher State and Local Government Series net issuances.
Treasury also announced that it expects net borrowing of marketable debt to total $91 billion in the July – September 2004 quarter. The projected cash balance on September 30 is $35 billion.
During the January – March 2004 quarter, Treasury’s net marketable borrowing totaled $146 billion and the cash balance on March 31 was $21 billion. On February 2, Treasury announced that it expected net marketable borrowing to total $177 billion with an end-of-quarter cash balance of $20 billion. The decrease in borrowing is largely attributable to lower tax refunds and higher payroll taxes.
Additional financing details relating to Treasury’s Quarterly Refunding will be released at 9:00 A.M. on Wednesday, May 5.