Treasury Announces Marketable Borrowing Estimates
February 2, 2026 / Source: US Department of the Treasury
February 2, 2026
WASHINGTON –– The U.S. Department of the Treasury today announced its current estimates of privately-held net marketable borrowing[1] for the January–March 2026 and April–June 2026 quarters.
- During the January–March 2026 quarter, Treasury expects to borrow $574 billion in privately-held net marketable debt, assuming an end-of-March cash balance of $850 billion.[2] The borrowing estimate is $3 billion lower than announced in November 2025, primarily due to the higher beginning-of quarter cash balance, partially offset by lower projected net cash flows. Excluding the higher-than-assumed beginning-of-quarter cash balance, the current quarter borrowing estimate is $19 billion higher than announced in November.
- During the April–June 2026 quarter, Treasury expects to borrow $109 billion in privately-held net marketable debt, assuming an end-of-June cash balance of $900 billion.
- During the October–December 2025 quarter, Treasury borrowed $550 billion in privately-held net marketable debt and ended the quarter with a cash balance of $873 billion. In November 2025, Treasury estimated borrowing of $569 billion and assumed an end-of-December cash balance of $850 billion. The $20 billion in lower privately-held net marketable borrowing resulted primarily from higher net cash flows, partially offset by the higher-than-assumed end-of-quarter cash balance. Excluding the higher-than-assumed end-of-quarter cash balance, actual borrowing was $42 billion lower than announced in November.
Additional financing details relating to Treasury’s Quarterly Refunding will be released at 8:30 a.m. on Wednesday, February 4, 2026.