FROM THE OFFICE OF PUBLIC AFFAIRS

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The Treasury Department announced today that it expects to borrow $104 billion in marketable debt during the July – September 2003 quarter and to target a cash balance of $45 billion on September 30.  In the last quarterly announcement on April 28, 2003, Treasury announced that it expected to borrow $76 billion in marketable debt and to target an end-of-quarter cash balance of $45 billion on September 30.  This increase is due to somewhat lower receipts and higher outlays.  Higher marketable borrowing will be partially offset by a reduction in compensating balances following the introduction of Depositary Compensation Securities (announced on July 3, 2003) and higher non-marketable borrowing through higher net issues of State and Local Series securities.

Treasury also announced that it expects to borrow $126 billion in marketable debt during the October – December 2003 quarter and to target a cash balance of $45 billion on December 31.

During the April – June 2003 quarter, Treasury borrowed $60 billion in marketable debt and ended with a cash balance of $30 billion on June 30.  On April 28, Treasury announced that it expected to borrow $79 billion in marketable debt and to target an end-of-quarter cash balance of $45 billion.  The lower end-of-quarter cash balance reflects reduced borrowing from Treasury’s earlier projection.

Additional financing details relating to Treasury’s Quarterly Refunding will be released at 9:00 A.M. on Wednesday, July 30.

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• August 2003 Charts