FROM THE OFFICE OF PUBLIC AFFAIRS

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The Treasury Department announced today that it expects net borrowing of marketable debt to total $177 billion in the January – March 2004 quarter.  The projected cash balance on March 31 is $20 billion.  In the last quarterly announcement on November 3, 2003, Treasury announced that it expected net borrowing to total $160 billion with an end-of-quarter cash balance of $20 billion.  This increase in borrowing is due to lower receipts, primarily from an increase in tax refunds, and higher outlays.

Treasury also announced that it expects net borrowing of marketable debt to total $75 billion in the April – June 2004 quarter.  The projected cash balance on June 30 is $45 billion.

During the October – December 2003 quarter, Treasury’s net marketable borrowing totaled $113 billion and the cash balance on December 31 was $33 billion.  On November 3, Treasury announced that it expected net marketable borrowing to total $117 billion with an ending quarter cash balance of $35 billion.  The decrease in borrowing is primarily attributable to lower outlays.

Additional financing details relating to Treasury’s Quarterly Refunding will be released at 9:00 A.M. on Wednesday, February 4.

Related Documents:

• Supplemental Release: Treasury’s Market Financing Estimates