US Treasury Department revises up Q2 borrowing estimate to $726 billion

By Ovunc Kutlu

ISTANBUL (AA) - The US Treasury Department revised up its borrowing estimate for the second quarter to $726 billion, according to a statement.

The agency said Monday it expects to borrow $726 billion in privately-held net marketable debt during the April-June period, assuming a cash balance of $550 billion at the end of June.

The latest borrowing estimate is $449 billion higher than a forecast announced in January.

The revision is a result of a lower cash balance of $322 billion at the beginning of the current quarter.

The Treasury Department. in addition, said it projects lower receipts and higher outlays in the second quarter.

The US federal budget deficit stood at around $378 billion in March, with total receipts, or income, at approximately $313 billion against total outlays, or spending, of almost $691 billion, the agency's figures showed in April.