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The Treasury Department announced today that it expects net borrowing of marketable debt to total $96 billion in the October December 2005 quarter. The estimated cash balance on December 31 is $25 billion. On August 1, Treasury announced estimated net market borrowing of $97 billion this quarter and a December 31 cash balance of $25 billion. Adjusting for a beginning-of-quarter cash balance that was $6 billion higher-than-estimated in August, the current borrowing estimate is $5 billion higher than previously announced. The increase in anticipated borrowing is primarily the result of higher outlays partially offset by higher receipts.
Treasury also announced that it expects net borrowing of marketable debt to total $171 billion in the January March 2006 quarter. The estimated cash balance on March 31 is $15 billion.
Treasury borrowed $52 billion in net marketable debt in the July September 2005 quarter. The cash balance on September 30 was $36 billion. On August 1, Treasury announced estimated net market borrowing of $59 billion and an end-of-quarter cash balance of $30 billion. Adjusting for the higher-than-estimated cash balance at quarter-end, the net market borrowing need was $12 billion lower than announced in August. 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, November 2. The following link provides access to Treasury documents related to this Quarterly Refunding. ( http://www.treas.gov/offices/domestic-finance/debt-management/quarterly-refunding/)