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The U.S. Treasury Department on Monday announced it expects to borrow USD463 billion in privately held net marketable debt in the second quarter, USD368 billion more than previously announced in February.
Treasury is assuming a cash balance of approximately USD450 billion at the expiration of the debt limit suspension on July 31, more than the roughly USD130 billion that market analysts have expected.
Officials also raised their end-of-June cash balance goal to USD800 billion, from USD500 billion previously, citing the Biden administration fiscal support in the face of the coronavirus. The Treasury's cash balance on Friday was just over USD900 billion.
For the third quarter, the Treasury plans to issue USD821 billion in net marketable debt, assuming an end-of-September cash balance of USD750 billion. The Treasury's quarterly refunding will be released at 8:30 a.m. May 5.