U.S. Treasury Lifts Quarterly Borrowing Estimate to $729 Billion
- Treasury cites smaller cash balance at start of quarter
- Debt managers to up cash balance to $700 billion by end-June
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The U.S. Treasury boosted its estimate of federal borrowing needs for the three months through March after entering the quarter with a cash pile that was run down by congressional delays in lifting the government’s debt limit.
The Treasury’s new projections, released in Washington Monday, incorporate last month’s move by lawmakers to increase the debt ceiling by an amount intended to last until early next year.