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 October–December 2025 and January–March 2026 quarters. During the October–December 2025 quarter, Treasury expects to borrow $569 billion in privately-held net marketable debt, assuming an end-of-December cash balance of $850 billion.[2] The borrowing estimate is $21 billion lower than announced in July 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 $20 billion higher than announced in July.During the January–March 2026 quarter, Treasury expects to borrow $578 billion in privately-held net marketable debt, assuming an end-of-March cash balance of $850 billion.During the July–September 2025 quarter, Treasury borrowed $1.058 trillion in privately-held net marketable debt and ended the quarter with a cash balance of $891 billion.