U.S. Department of the Treasury

Sources and Uses Table

WASHINGTON -- The U.S. Department of the Treasury today announced its current estimates of privately-held net marketable borrowing for the July–September 2026 and October–December 2026 quarters. 

• During the July–September 2026 quarter, Treasury expects to borrow $739 billion in privately-held net marketable debt, assuming an end-of-September cash balance of $950 billion.  The borrowing estimate is $68 billion higher than announced in May 2026, primarily due to lower projected net cash flows, partially offset by the higher-than-assumed beginning-of-quarter cash balance.  Excluding the higher-than-assumed beginning-of-quarter cash balance, the current quarter borrowing estimate is $87 billion higher than announced in May.
   
• During the October–December 2026 quarter, Treasury expects to borrow $628 billion in privately-held net marketable debt, assuming an end-of-December cash balance of $850 billion.
   
• During the April–June 2026 quarter, Treasury borrowed $190 billion in privately-held  net marketable debt and ended the quarter with a cash balance of $919 billion.      In May 2026, Treasury estimated borrowing of $189 billion and assumed an end-of-June cash balance of $900 billion.  The $1 billion in higher privately-held net marketable borrowing resulted primarily from the higher-than-assumed end-of-quarter cash balance, partially offset by higher net cash flows.  Excluding the higher-than-assumed end-of-quarter cash balance, actual borrowing was $18 billion lower than announced in May. 

Additional financing details relating to Treasury’s Quarterly Refunding will be released at 8:30 a.m. on Wednesday, August 5, 2026. 

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_{1. Privately-held net marketable borrowing excludes rollovers (auction “add-ons”) of Treasury securities held in the SOMA but includes financing required due to SOMA redemptions.  Secondary market purchases of Treasury securities by SOMA do not directly change privately-held net marketable borrowing but, all else equal, when the securities mature and assuming the Federal Reserve does not redeem any maturing securities, would increase the amount of cash raised for a given privately-held auction size by increasing the SOMA “add-on” amount.  Additionally, buybacks are not expected to significantly affect privately-held net marketable borrowing as new issuance replaces securities that are bought back.} 

_2.