The U.S. Department of the Treasury today announced its current estimates of net marketable borrowing for the July – September 2014 and October – December 2014 quarters:
View the Sources and Uses table here.
- During the July – September 2014 quarter, Treasury expects to borrow $192 billion in net marketable debt, assuming an end-of-September cash balance of $150 billion. This borrowing estimate is $22 billion higher than announced in April 2014. The increase in borrowing relates primarily to lower receipts and changes in cash balance assumptions. [1]
- During the October – December 2014 quarter, Treasury expects to borrow $187 billion in net marketable debt, assuming an end-of-December cash balance of $140 billion.
During the April – June 2014 quarter, Treasury paid down $64 billion in net marketable debt and ended the quarter with a cash balance of $139 billion. In April 2014, Treasury estimated a pay down in marketable debt of $78 billion assuming an end-of-June cash balance of $130 billion. The increase in borrowing was primarily driven by the higher ending cash balance and lower receipts.
Additional financing details relating to Treasury’s Quarterly Refunding will be released at 8:30 a.m. on Wednesday, August 6, 2014.
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[1]
Cash Balance |
April - June Quarter |
July - September Quarter |
||||
Assumptions |
Prior |
Current |
Change |
Prior |
Current |
Change |
Opening Balance |
$142 |
$142 |
$0 |
$130 |
$139 |
$9 |
Closing Balance |
$130 |
$139 |
$9 |
$130 |
$150 |
$20 |
Impact on Borrowing |
-$12 |
-$3 |
$9 |
$0 |
$11 |
$11 |