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 January – March 2025 and April – June 2025 quarters. During the January – March 2025 quarter, Treasury expects to borrow $815 billion in privately-held net marketable debt, assuming an end-of-March cash balance of $850 billion.[2],[3] The borrowing estimate is $9 billion lower than announced in October 2024, largely due to a higher beginning-of-quarter cash balance, partially offset by lower net cash flows.During the April – June 2025 quarter, Treasury expects to borrow $123 billion in privately-held net marketable debt, assuming an end-of-June cash balance of $850 billion.3During the October – December 2024 quarter, Treasury borrowed $620 billion in privately-held net marketable debt and ended the quarter with a cash balance of $722 billion.