Bill’s Commentary:
“Just like frogs that have been slow boiled… no one noticed while it was happening!”
Bill’s Commentary:
“In your face!”
Bill’s Commentary:
“The problem is this, the US has something like $7 trillion to refinance through the rest of the year. This will be done primarily with short term paper. Short term funding for a VERY long term problem?”
Treasury Boosts Q3 Debt Borrowing Estimate To $1 Trillion From $554 Billion To Replenish Cash Balance
Earlier this afternoon, we wrote in our Treasury refunding preview that the Treasury’s latest borrowing estimate published today (which is also part 1 of the Refunding statement), would show a surge in current quarter funding needs by over $400 billion, from $554 billion to $960 billion.
It was short by almost $50 billion. We found that out moments ago when the Treasury published its estimate for marketable borrowing needs for the July-September 2025 and October-December 2025 quarters.
According to the Treasury, during the current quarter, Treasury now expects to borrow $1.007 trillion in net marketable debt, assuming an end-of-September cash balance of $850 billion. The borrowing estimate is $453 billion higher than announced in April 2025, primarily due to the lower beginning-of-quarter cash balance and projected lower net cash flows.
BillHolter.com 
Thank you pamelamoves@gmail.com
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