UPDATE 1-U.S. Treasury lowers borrowing forecast for Jan-March quarter

Mon Feb 4, 2013 3:23pm EST

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WASHINGTON Feb 4 (Reuters) - The U.S. Treasury said on Monday it lowered its borrowing forecast for the current quarter due to a higher-than-expected cash balance early in the year.

The Treasury said it expects to issue $331 billion in net marketable debt for the January-March quarter, a decrease of about $11 billion from previous estimates issued in October 2012.

Treasury said it expected to issue $103 billion in net marketable debt, or debt that can be bought and sold in the secondary market, in the April-June 2013 quarter.

The estimates prepare for the Treasury Department's quarterly refunding announcement on Wednesday.

A Treasury official reaffirmed that the United States could redeploy emergency cash measures after May 19, if necessary, to ensure the government could keep from exceeding its borrowing limit.

A bill allowing the U.S. government to borrow money beyond its record $16.4 trillion debt limit won final congressional approval last week. The bill has yet to be signed by President Barack Obama and would suspend the debt limit until May 19.

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A couple walks along the rough surf during sunset at Oahu's North Shore, December 26, 2013. REUTERS/Kevin Lamarque

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