U.S. to Reduce Debt Next Quarter After Borrowing Needs Fall

The U.S. Treasury Department said its borrowing needs this quarter will be the lowest since 2007 and it plans to pay down $7 billion of debt in the April-June period as a stronger economy helps improve government revenues.

The Treasury plans to issue $155 billion in net marketable debt in the first three months of this year, about $54 billion less than projected three months ago, the department said today in Washington. A paydown, or a net reduction in the Treasury’s marketable debt, often occurs during periods such as next quarter when personal and corporate tax receipts are due.