WASHINGTON — The U.S. Department of the Treasury today announced its current estimates of privately-held net marketable borrowing for the July-September 2026 and October-December 2026 quarters.
- During the July-September 2026 quarter, Treasury expects to borrow $739 billion in privately-held net marketable debt, assuming an end-of-September cash balance of $950 billion. The borrowing estimate is $68 billion higher than announced in May 2026, primarily due to lower projected net cash flows, partially offset by the higher-than-assumed beginning-of-quarter cash balance. Excluding the higher-than-assumed beginning-of-quarter cash balance, the current quarter borrowing estimate is $87 billion higher than announced in May.
- During the October-December 2026 quarter, Treasury expects to borrow $628 billion in privately-held net marketable debt, assuming an end-of-December cash balance of $850 billion.
- During the April-June 2026 quarter, Treasury borrowed $190 billion in privately-held net marketable debt and ended the quarter with a cash balance of $919 billion. In May 2026, Treasury estimated borrowing of $189 billion and assumed an end-of-June cash balance of $900 billion. The $1 billion in higher privately-held net marketable borrowing resulted primarily from 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 $18 billion lower than announced in May.
Additional financing details relating to Treasury’s Quarterly Refunding will be released at 8:30 a.m. on Wednesday, August 5, 2026.
Public Release.