Press Releases

TREASURY ANNOUNCES MARKET FINANCING ESTIMATES

(Archived Content)

FROM THE OFFICE OF PUBLIC AFFAIRS

PO-3051

The Treasury Department announced today that it expects to borrow $1 billion in marketable debt during the April - June 2002 quarter and to target a cash balance of $45 billion on June 30. In the quarterly announcement on January 28, Treasury announced that it expected to pay down $89 billion in marketable debt and to target an end-of-quarter cash balance of $60 billion. Based on current projections, the stimulus package enacted in March accounts for one-fourth of the increase in borrowing. The remaining change is due primarily to lower-than-expected 2001 tax receipts received in April and early May.

Treasury also announced that it expects to borrow $55 billion in marketable debt during the July - September 2002 quarter and to target a cash balance of $50 billion on September 30.

During the January - March 2002 quarter, Treasury borrowed $53 billion in marketable debt and ended with a cash balance of $14 billion on March 31. No buybacks were conducted during this quarter. On January 28, Treasury announced that it expected to borrow $60 billion in marketable debt and to target an end-of-quarter cash balance of $20 billion. The lower cash balance provided assurance that Treasury would stay beneath the statutory debt limit in late-March.

Additional financing details relating to Treasury's Quarterly Refunding will be released at 9:00 A.M. on Wednesday, May 1.