FROM THE OFFICE OF PUBLIC AFFAIRS

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The Treasury Department announced today that it expects to borrow $79 billion in marketable debt during the April – June 2003 quarter and to target a cash balance of $45 billion on June 30.  In the last quarterly announcement on February 3, 2003, Treasury announced that it expected to pay down $25 billion in marketable debt and to target an end-of-quarter cash balance of $45 billion.  The increase in borrowing is due to lower receipts, higher outlays, placement of additional compensating balances and a lower cash balance at the beginning of the quarter.

Treasury also announced that it expects to borrow $76 billion in marketable debt during the July – September 2003 quarter and to target a cash balance of $45 billion on September 30.

The financing estimates for the April – June 2003 and July – September 2003 quarters are based upon current law and make no assumptions regarding the timing of the passage of the Administration’s economic package.

During the January – March 2003 quarter, Treasury borrowed $111 billion in marketable debt and ended with a cash balance of $13 billion on March 31.  On February 3, Treasury announced that it expected to borrow $110 billion in marketable debt and to target an end-of-quarter cash balance of $25 billion.  The drop in the cash balance was the result of lower receipts, primarily higher tax refunds, offset somewhat by lower outlays.

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

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