Treasury Announces Marketable Borrowing Estimates

Sources and Uses TableWASHINGTON -- The U.S. Department of the Treasury today announced its current estimates of privately-held net marketable borrowing for the July–September 2026 and October–December 2026 quarters. During the July–September 2026 quarter, Treasury expects to borrow $739 billion in privately-held net marketable debt, assuming an end-of-September cash balance of $950 billion. The borrowing estimate is $68 billion higher than announced in May 2026, primarily due to lower projected net cash flows, partially offset by the higher-than-assumed beginning-of-quarter cash balance. Excluding the higher-than-assumed beginning-of-quarter cash balance, the current quarter borrowing estimate is $87 billion higher than announced in May. During the October–December 2026 quarter, Treasury expects to borrow $628 billion in privately-held net marketable debt, assuming an end-of-December cash balance of $850 billion. During the April–June 2026 quarter, Treasury borrowed $190 billion in privately-held net marketable debt and ended the quarter with a cash balance of $919 billion.