Washington, Jan 31 (IANS) The US Treasury Department announced Monday that the federal government is expected to borrow $644 billion from the market to fund its operation in the first half of this year.
“During the January-March 2012 quarter, Treasury expects to issue $444 billion in net marketable debt, assuming an end-of-March cash balance of $30 billion. This borrowing estimate is $97 billion lower than announced in October 2011,” the Treasury said in a statement.
The Treasury forecast that $200 billion will be issued in net marketable debt during the April-June quarter this year, assuming an end-of-June cash balance of $90 billion, reported Xinhua.
US federal budget deficit hit almost $1.3 trillion in fiscal year 2011 ending in September 2011. The red ink of government budget reached the historic high level of $1.41 trillion in fiscal year 2009 to fight the financial crisis.
