WASHINGTON (AP) — The U.S. Treasury Department has raised by $22 billion its estimate of what it needs to borrow in the third quarter to keep the government operating.
Treasury said Monday that it expects to borrow $192 billion in the July-September period, up from an estimate of $170 billion announced in April. The borrowing increase is mainly due to the government taking in less in revenue than previously expected.
Treasury also said it expects to borrow $187 billion in the fourth quarter of the year.
To meet borrowing needs, the government sells Treasury securities such as 10-year notes and 30-year bonds at quarterly refunding auctions.
The government ran a budget surplus of $71 billion in June, putting it on course to record the lowest annual deficit since 2008. The June surplus followed a $130 billion deficit in May.
The Congressional Budget Office is forecasting a deficit of $492 billion for the full budget year ending Sept. 30. That would be the narrowest gap since 2008.
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