Treasury to Borrow $331B in Q1

The Treasury Department announced Monday it will borrow $331 billion in the first quarter and end the three months with a $30 billion cash balance.

Treasury had previously projected borrowing $342 billion in the period. It projects borrowing $103 billion in the second quarter, closing with a $60 billion cash balance.

In the final quarter of 2012, Treasury borrowed $297 billion amd finished with a $93 billion cash balance, compared to projections of $288 billion borrowings and a $60 billion cash balance.

The higher cash balance at the end of the year led to the decline in the projected borrowing for this quarter, Treasury said.

Treasury will announce details Wednesday morning.

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