Sources and Uses Table
WASHINGTON — The U.S. Department of the Treasury today announced its current estimates of privately-held net marketable borrowing[1] for the April – June 2025 and July – September 2025 quarters.
- During the April – June 2025 quarter, Treasury expects to borrow $514 billion in privately-held net marketable debt, assuming an end-of-June cash balance of $850 billion.[2],[3] The borrowing estimate is $391 billion higher than announced in February 2025, primarily due to the lower beginning-of-quarter cash balance and projected lower net cash flows, partially offset by lower Federal Reserve System Open Market Account (SOMA) redemptions ($60 billion). Excluding the lower than assumed beginning-of-quarter cash balance, the current quarter borrowing estimate is $53 billion lower than announced in February.
- During the July – September 2025 quarter, Treasury expects to borrow $554 billion in privately-held net marketable debt, assuming an end-of-September cash balance of $850 billion.3
- During the January – March 2025 quarter, Treasury borrowed $369 billion in privately-held net marketable debt and ended the quarter with a cash balance of $406 billion. In February 2025, Treasury estimated borrowing of $815 billion and assumed an end-of-March cash balance of $850 billion. The $446 billion difference in privately-held net market borrowing resulted primarily from the lower end-of-quarter cash balance. Excluding the lower than assumed end-of-quarter cash balance, actual borrowing was $2 billion lower than announced in February.
Additional financing details relating to Treasury’s Quarterly Refunding will be released at 8:30 a.m. on Wednesday, April 30, 2025.
Public Release.