FROM THE OFFICE OF PUBLIC AFFAIRS

The Treasury Department announced on Monday that net market borrowing for the January - March 2000 quarter is estimated to be a paydown of $17 billion with a cash balance of $40 billion on March 31, 2000. The Treasury Department also announced that net market borrowing for the April - June 2000 quarter will be a paydown of $152 billion with a cash balance of $40 billion on June 30.

In the quarterly announcement of its borrowing needs on November 1, 1999, the Treasury Department estimated net market borrowing for the January - March 2000 quarter to be a paydown of $12 billion with a cash balance of $20 billion on March 31, 2000. Current estimates reflect higher receipts, lower outlays and a change in cash balances.

Actual net market borrowing for the October - December 1999 quarter was $47.0 billion with a cash balance of $83.3 billion on December 31, 1999. On November 1, the Treasury Department announced its current estimate of net market borrowing to be $51 billion with a cash balance of $70 billion on December 31. The decrease in net market borrowing and the higher cash balance was the result of higher than expected receipts, primarily during the latter part of December.

The Quarterly Refunding Press Conference will be held at 9:00AM on Wednesday, February 2, 2000.