Treasury raises quarterly borrowing estimate

Treasury raises quarterly borrowing estimate 

The U.S. government expects to borrow $276 billion in the July-September quarter, an estimate about $11 billion more than previously forecasted, the Treasury Department said Monday. Treasury assumes an end-of-September cash balance of $60 billion. In April, Treasury projected third-quarter borrowing of $265 billion. The increase is partly due to projections of more spending and less receipts than expected. The Fed's sales of short-term government securities as part of its Operation Twist plan also were a factor in the borrowing increase, Treasury said. Treasury issued $172 billion in net marketable debt in the April-June quarter and ended with a cash balance of $91 billion. For the October-December quarter, Treasury projects borrowing of $316 billion with a cash balance of $91 billion