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The Treasury Department announced today that it expects to borrow $104 billion in marketable debt during the July � September 2003 quarter and to target a cash balance of $45 billion on September 30. In the last quarterly announcement on April 28, 2003, Treasury announced that it expected to borrow $76 billion in marketable debt and to target an end-of-quarter cash balance of $45 billion on September 30. This increase is due to somewhat lower receipts and higher outlays. Higher marketable borrowing will be partially offset by a reduction in compensating balances following the introduction of Depositary Compensation Securities (announced on July 3, 2003) and higher non-marketable borrowing through higher net issues of State and Local Series securities.
Treasury also announced that it expects to borrow $126 billion in marketable debt during the October � December 2003 quarter and to target a cash balance of $45 billion on December 31.
During the April � June 2003 quarter, Treasury borrowed $60 billion in marketable debt and ended with a cash balance of $30 billion on June 30. On April 28, Treasury announced that it expected to borrow $79 billion in marketable debt and to target an end-of-quarter cash balance of $45 billion. The lower end-of-quarter cash balance reflects reduced borrowing from Treasury�s earlier projection.
Additional financing details relating to Treasury�s Quarterly Refunding will be released at 9:00 A.M. on Wednesday, July 30.
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