Treasury Increases Borrowing Estimate for April–June 2026 Quarter
The U.S. Treasury Department has raised its borrowing estimate for the April–June 2026 quarter to $189 billion, citing lower projected net cash flows.
The U.S. Department of the Treasury has revised its borrowing estimate for the April–June 2026 quarter, now expecting to borrow $189 billion in privately-held net marketable debt. This figure is $79 billion higher than the February 2026 projection, primarily due to lower projected net cash flows, partially offset by a higher-than-assumed beginning-of-quarter cash balance. Excluding the higher starting cash balance, the current quarter borrowing estimate is $122 billion above the February announcement.
For the July–September 2026 quarter, the Treasury anticipates borrowing $671 billion in privately-held net marketable debt, aiming for an end-of-September cash balance of $950 billion.
In the January–March 2026 quarter, the Treasury borrowed $577 billion in privately-held net marketable debt, concluding the period with a cash balance of $893 billion. This was $3 billion higher than the February 2026 estimate, primarily due to the higher-than-assumed end-of-quarter cash balance, partially offset by higher net cash flows. Excluding the higher-than-assumed end-of-quarter cash balance, actual borrowing was $40 billion lower than the February projection.
The Treasury's increased borrowing estimates reflect adjustments to projected cash flows and cash balances, indicating a need for additional debt issuance to meet fiscal requirements.