FROM THE OFFICE OF PUBLIC AFFAIRS

he Treasury Department announced today that it expects to borrow $76 billion in marketable debt during the October - December 2002 quarter and to target a cash balance of $45 billion on December 31.  In the quarterly announcement on July 29, Treasury announced that it expected to borrow $71 billion in marketable debt and to target an end-of-quarter cash balance of $35 billion.  The increase in borrowing is due to lower receipts partially offset by higher net issues of State and Local Government Series (SLGS) securities and changes in actual and targeted cash balances.

Treasury also announced that it expects to borrow $84 billion in marketable debt during the January – March 2003 quarter and to target a cash balance of $30 billion on March 31.

During the July – September 2002 quarter, Treasury borrowed $84 billion in marketable debt and ended with a cash balance of $61 billion on September 30.  On July 29, Treasury announced that it expected to borrow $76 billion in marketable debt and to target an end-of-quarter cash balance of $45 billion.  The increase in borrowing was the result of lower receipts and an increase in the actual end-of-quarter cash balance partially offset by lower outlays and higher SLGS issuances.

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