U.S. Department of the Treasury

(Archived Content)

FROM THE OFFICE OF PUBLIC AFFAIRS

The Treasury Department announced on Monday that its net market borrowing for the April - June 1999 quarter is estimated to be a paydown of $116 billion with a cash balance of $55 billion on June 30.  The Treasury also announced that its net market borrowing for the July - September 1999 quarter is estimated to be a paydown of approximately $10 billion with a cash balance of $45 billion on September 30.

In the quarterly announcement of its borrowing need on February 1, 1999, the Treasury estimated net market borrowing for the April - June quarter to be a paydown in the range of $110 to $115 billion with a cash balance of $35 billion on June 30.  The improvement in estimated cash balance is a combination of higher receipts, lower outlays and larger net issuances of State and Local Government securities.

Actual net market borrowing for the January - March 1999 quarter was $5.8 billion with an end-of-quarter cash balance of $21.6 billion.  On February 1, the Treasury estimated market borrowing for the January - March quarter to be a paydown of $5 billion with an end-of-quarter cash balance of $20 billion.  The increase in net market borrowing was the result of higher outlays and larger tax refunds.

The regular quarterly Press Conference will be held at 9:00 AM on Wednesday, May 5, 1999.