The US Treasury has lowered its estimate for federal borrowing for the current quarter due to stronger-than-expected revenues, providing some relief for investors concerned about the widening fiscal deficit.
The US Treasury reduced its estimate for federal borrowing for the current quarter thanks to stronger-than-expected revenues, offering some relief for investors concerned about the rapidly widening fiscal deficit . The Treasury Department cut its net borrowing estimate for the October-through-December quarter to $US776 billion, against the $US852 billion for the period predicted in late July.
Despite the reduction in the estimate, the new projection still marks a record borrowing amount for the calendar fourth quarter. Part of the reason for the smaller figure is the magnitude of deferred tax receipts coming from areas of California and other states that had been granted extensions due to natural disasters, Treasury officials told reporters. The federal deficit roughly doubled in the fiscal year through September compared with the year before, effectively reaching $US2.
US Treasury Borrowing Estimate Federal Borrowing Revenues Fiscal Deficit Debt Cash Balance Borrowing Amount Jpmorgan Chase Tax Receipts Natural Disasters Federal Deficit
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