The Treasury Department estimated it will borrow $155 billion in the first quarter, ending with a $100 billion cash balance on March 31, in its last estimate, Treasury foresaw a $209 billion borrowing need in the quarter.
The reduced borrowing needs were attributed to "changes in cash balance assumptions and lower outlays," a Treasury press release stated.
In the fourth quarter of 2014, Treasury borrowed $227 billion, ending with a $223 billion cash balance. Treasury estimated $232 billion in borrowing, with a $200 billion closing cash balance.
Treasury plans to pay down $7 billion in the second quarter, and end the period with a $150 billion cash balance.
Details of the quarterly refunding are set to be released Wednesday at 8:30 a.m., Eastern Time.
