WASHINGTON – The U.S. Department of the Treasury today announced its current estimates of privately-held net marketable borrowing for the October-December 2026 and January-March 2027 quarters.
- During the October-December 2026 quarter, Treasury expects to borrow $618 billion in privately-held net marketable debt, assuming an end-of-December cash balance of $850 billion. The borrowing estimate is $10 billion lower than announced in August 2026, primarily due to the higher-than-assumed 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 $24 billion higher than announced in August.
- During the January-March 2027 quarter, Treasury expects to borrow $800 billion in privately-held net marketable debt, assuming an end-of-March cash balance of $1.000 trillion.
- During the July-September 2026 quarter, Treasury borrowed $742 billion in privately-held net marketable debt and ended the quarter with a cash balance of $984 billion. In August 2026, Treasury estimated borrowing of $739 billion and assumed an end-of-September cash balance of $950 billion. The $4 billion in higher privately-held net marketable borrowing resulted primarily from the higher-than-assumed end-of-quarter cash balance, offset by higher net cash flows. Excluding the higher-than-assumed end-of-quarter cash balance, actual borrowing was $30 billion lower than announced in August.
Additional financing details relating to Treasury’s Quarterly Refunding will be released at 8:30 a.m. on Wednesday, November 4, 2026.
Public Release.