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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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