The Treasury Department announced today that it expects net borrowing of marketable debt to total $59 billion in the July - September 2005 quarter. The estimated cash balance on September 30 is $30 billion. Adjusting for differences in the cash balance, the current borrowing estimate is $31 billion lower than announced on May 2. The decrease in borrowing is primarily the result of higher receipts and higher net issuances of State and Local Government Series securities.
Treasury also announced that it expects net borrowing of marketable debt to total $97 billion in the October - December 2005 quarter. The estimated cash balance on December 31 is $25 billion.
Treasury realized a net paydown in marketable debt of $79 billion in the April - June 2005 quarter. The cash balance on June 30 was $33 billion. Adjusting for differences in the actual cash balance, the paydown was $49 billion greater than assumed on May 2. The improvement was primarily the result of higher receipts.
Additional financing details relating to Treasury's Quarterly Refunding will be released at 9:00 A.M. on Wednesday, August 3. The following link provides access to Treasury documents related to this Quarterly Refunding.