The Treasury Department yesterday announced it expects to borrow $460 billion in the third quarter, less than the $515 billion it thought it would be borrowing when it last estimated its quarterly needs three months ago.

The Treasury expects a $270 billion cash balance at the end of the quarter.

Cash balance adjustments and smaller outlays were responsible for the reduction in the estimate of borrowing needs.

The Treasury foresees $486 billion of borrowing in the fourth quarter, with a $270 billion cash balance at the end of the year.

In the second quarter, the Treasury borrowed $343 billion, compared to its plan for $361 billion of borrowing in the quarter, and had a $318 billion cash balance at the end of the quarter.

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