Treasury Announces Marketable Borrowing Estimates

Sources and Uses TablesWASHINGTON -- The U.S. Department of the Treasury today announced its current estimates of privately-held net marketable borrowing[1] for the January–March 2026 and April–June 2026 quarters. During the January–March 2026 quarter, Treasury expects to borrow $574 billion in privately-held net marketable debt, assuming an end-of-March cash balance of $850 billion.[2] The borrowing estimate is $3 billion lower than announced in November 2025, primarily due to the higher beginning-of quarter cash balance, partially offset by lower projected net cash flows. Excluding the higher-than-assumed beginning-of-quarter cash balance, the current quarter borrowing estimate is $19 billion higher than announced in November.During the April–June 2026 quarter, Treasury expects to borrow $109 billion in privately-held net marketable debt, assuming an end-of-June cash balance of $900 billion.During the October–December 2025 quarter, Treasury borrowed $550 billion in privately-held net marketable debt and ended the quarter with a cash balance of $873 billion.