US Treasury Lowers Q4 Borrowing Estimate

03:19 PM EST, 11/02/2026 (MT Newswires) -- The US Treasury expects to borrow $618 billion in Q4, down from its previous estimate of $628 billion. The lower estimate was due to a higher-than-assumed cash balance at the start of the quarter, partially offset by lower projected net cash flows, the Treasury said Monday in a statement. It still assumes an $850 billion end-of-quarter balance. Borrowing is forecast at $800 billion in Q1, with an estimated cash balance of $1 trillion at the end of March. The Treasury borrowed $742 billion in Q3, ending September with a $984 billion cash balance. The Treasury previously expected to borrow $739 billion with a cash balance of $950 billion. The larger-than-expected amount of Q3 borrowing was due to "the higher-than-assumed end-of-quarter cash balance, offset by higher net cash flows," the Treasury said.