Sources and Uses Tables
WASHINGTON — The U.S. Department of the Treasury today announced its current estimates of privately-held net marketable borrowing[1] for the October-December 2025 and January-March 2026 quarters.
- During the October-December 2025 quarter, Treasury expects to borrow $569 billion in privately-held net marketable debt, assuming an end-of-December cash balance of $850 billion.[2] The borrowing estimate is $21 billion lower than announced in July 2025, primarily due to the higher 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 $20 billion higher than announced in July.
- During the January-March 2026 quarter, Treasury expects to borrow $578 billion in privately-held net marketable debt, assuming an end-of-March cash balance of $850 billion.
- During the July-September 2025 quarter, Treasury borrowed $1.058 trillion in privately-held net marketable debt and ended the quarter with a cash balance of $891 billion. In July 2025, Treasury estimated borrowing of $1.007 trillion and assumed an end-of-September cash balance of $850 billion. The $50 billion difference in privately-held net marketable borrowing resulted primarily from the higher end-of-quarter cash balance and lower net cash flows. Excluding the higher-than-assumed end-of-quarter cash balance, actual borrowing was $10 billion higher than announced in July.
Additional financing details relating to Treasury’s Quarterly Refunding will be released at 8:30 a.m. on Wednesday, November 5, 2025.
Public Release.