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US federal government to borrow 288 bln dollars in fourth quarter

(Xinhua)

13:09, October 31, 2012

The US Treasury Department said Monday that the federal government expected to borrow 288 billion US dollars from the market to fund its operation in the fourth quarter of this year.

"During the October-December 2012 quarter, Treasury expects to issue 288 billion dollars in net marketable debt, assuming an end- of-December cash balance of 60 billion dollars. This borrowing estimate is 29 billion dollars lower than announced in July 2012," the Treasury said in a statement.

The Treasury said during the July-September quarter, it issued 264 billion dollars in net marketable debt, and ended the quarter with a cash balance of 85 billion dollars.

The Treasury also said that during the January-March 2013 quarter, it would issue 342 billion dollars in net marketable debt, assuming an end-of-March cash balance of 30 billion dollars.

The budget deficit of the US federal government topped around 1.1 trillion US dollars in the 2012 fiscal year ending in September, about 207 billion less than the 2011 fiscal year. But it was the fourth consecutive fiscal year that the US federal government's budget deficit surpassed one trillion dollars.

Due to financial crisis and economic recession, borrowings of the US government increased dramatically over the past three years. The US federal government ran a record budget deficit of 1.41 trillion dollars in the 2009 fiscal year and a 1.29-trillion- dollar imbalance in the 2010 fiscal year.

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