By WASHINGTON — The U.S. Department of the Treasury today announced its current estimates of privately-held net marketable borrowing[1]for the July – September 2023 and October – December 2023 quarters.
- During the July – September 2023 quarter, Treasury expects to borrow $1.007 trillion in privately-held net marketable debt, assuming an end-of-September cash balance of $650 billion.[2] The borrowing estimate is $274 billion higher than announced in May 2023, primarily due to the lower beginning-of-quarter cash balance ($148 billion) and higher end-of-quarter cash balance ($50 billion), as well as projections of lower receipts and higher outlays ($83 billion).[3]
- During the October – December 2023 quarter, Treasury expects to borrow $852 billion in privately-held net marketable debt, assuming an end-of-December cash balance of $750 billion.[4]
During the April – June 2023 quarter, Treasury borrowed $657 billion in privately-held net marketable debt and ended the quarter with a cash balance of $402 billion. In May 2023, Treasury estimated borrowing of $726 billion and assumed an end-of-June cash balance of $550 billion. The $70 billion decrease in privately-held net market borrowing resulted primarily from the lower end-of-quarter cash balance ($148 billion), somewhat offset by lower receipts and higher outlays.
Additional financing details relating to Treasury’s Quarterly Refunding will be released at 8:30 a.m. on Wednesday, August 2, 2023.
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