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[1] for the July – September 2025 and October – December 2025 quarters. During the July – September 2025 quarter, Treasury expects to borrow $1.007 trillion in privately-held net marketable debt, assuming an end-of-September cash balance of $850 billion.[2] The borrowing estimate is $453 billion higher than announced in April 2025, primarily due to the lower beginning-of-quarter cash balance and projected lower net cash flows. Excluding the lower than assumed beginning-of-quarter cash balance, the current quarter borrowing estimate is $60 billion higher than announced in April.During the October – December 2025 quarter, Treasury expects to borrow $590 billion in privately-held net marketable debt, assuming an end-of-December cash balance of $850 billion.During the April – June 2025 quarter, Treasury borrowed $65 billion in privately-held net marketable debt and ended the quarter with a cash balance of $457 billion.