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US borrowing to surge after debt cap raised
Posted By kurtnimmo On August 2, 2011 @ 9:45 am In Economic Crisis | Comments Disabled
August 2, 2011
The US Treasury said Monday that it will step up borrowing after the debt ceiling is raised, expected this week if a highly contentious legislation crafted over the weekend clears Congress.
In its quarterly funding plans, the Treasury said it expected to issue $331 billion in net debt in the July-September quarter, up from $190 billion in the previous period.
But the third-quarter forecast was $74 billion lower than originally forecast in May.
During October-December, the Treasury will borrow another $285 billion, it said. The projections assume it will have a cash balance of $100 billion at year-end.
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