The U.S. Department of the Treasury today announced its updated estimates for privately-held net marketable borrowing for the upcoming quarters, projecting a significant increase for the July–September 2026 period. The Treasury expects to borrow $739 billion in privately-held net marketable debt during the current quarter, a figure $68 billion higher than its May 2026 announcement.
This upward revision for the July–September quarter is primarily attributed to lower projected net cash flows, though partially offset by a higher-than-assumed beginning-of-quarter cash balance. Excluding the impact of the beginning-of-quarter cash balance, the borrowing estimate for this quarter is $87 billion higher than previously announced. The Treasury assumes an end-of-September cash balance of $950 billion.
For the subsequent October–December 2026 quarter, the Treasury anticipates borrowing $628 billion in privately-held net marketable debt, with an assumed end-of-December cash balance of $850 billion. Reviewing the April–June 2026 quarter, actual borrowing was $190 billion, slightly above the $189 billion estimated in May, concluding with a cash balance of $919 billion. Further financing details regarding the Treasury’s Quarterly Refunding will be released on Wednesday, August 5, 2026, at 8:30 a.m.