Biden Admin Plans to Borrow Another $1.2 Trillion Amid Debt Ceiling Standoff

The U.S. Department of the Treasury said on Monday that it expects to borrow $1.2 trillion over the first half of the year, broken down by $932 billion in the first quarter and $278 billion in the second quarter, the agency said.
In the last three months of 2022, the Treasury borrowed $373 billion and ended the quarter with a cash balance of $447 billion, after initially estimating in October that it would borrow $550 billion and have a cash balance $700 billion during that period.
The $177 billion difference in borrowing resulted primarily from the lower end-of-quarter cash balance, somewhat offset by lower net fiscal flows, according to the Treasury’s press release….}