US Treasury will borrow $617 billion in Q4 2020, down $599 billion from earlier projections

The U.S. Department of the Treasury today announced its current estimates of privately-held net marketable borrowing for the October – December 2020 and January – March 2021 quarters.

  • During the October – December 2020 quarter, Treasury expects to borrow $617 billion in privately-held net marketable debt, assuming an end-of-December cash balance of $800 billion.  The borrowing estimate is $599 billion lower than announced in August 2020.  The decrease in privately-held net marketable borrowing is primarily driven by a high beginning-of-October cash balance, partially offset by assumptions for higher expenditures in new legislation.
  • During the January – March 2021 quarter, Treasury expects to borrow $1.127 trillion in privately-held net marketable debt, assuming an end-of-March cash balance of $800 billion.

During the July – September 2020 quarter, Treasury borrowed $454 billion in privately-held net marketable debt and ended the quarter with a cash balance of $1.782 trillion.  In August 2020, Treasury estimated privately-held net marketable borrowing of $947 billion and assumed an end-of-September cash balance of $800 billion. The $493 billion decrease in borrowing resulted primarily from lower-than-assumed expenditures, partially offset by the increase in the cash balance.

Additional financing details relating to Treasury’s Quarterly Refunding will be released at 8:30 a.m. on Wednesday, November 4, 2020.

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