WASHINGTON (Reuters) - The 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.
Reporting by Margaret Chadbourn; Editing by Neil Stempleman and James Dalgleish