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 January – March 2025 and April – June 2025 quarters.
- During the January – March 2025 quarter, Treasury expects to borrow $815 billion in privately-held net marketable debt, assuming an end-of-March cash balance of $850 billion.[2],[3] The borrowing estimate is $9 billion lower than announced in October 2024, largely due to a higher beginning-of-quarter cash balance, partially offset by lower net cash flows.
- During the April – June 2025 quarter, Treasury expects to borrow $123 billion in privately-held net marketable debt, assuming an end-of-June cash balance of $850 billion.3
During the October – December 2024 quarter, Treasury borrowed $620 billion in privately-held net marketable debt and ended the quarter with a cash balance of $722 billion. In October 2024, Treasury estimated borrowing of $546 billion and assumed an end-of-December cash balance of $700 billion. Privately-held net marketable borrowing was $74 billion higher largely because of lower net cash flows and a higher ending cash balance.
Additional financing details relating to Treasury’s Quarterly Refunding will be released at 8:30 a.m. on Wednesday, February 5, 2025.