Zeev's Turnips Patch-No Politics (ZEEV)

[hawkerp]

U.S. borrowing expected at $79 bln, record for quarter

By Rachel Koning

The U.S. government will have to borrow a $79 billion in the April to June 2003 quarter - a record for the period, the Treasury Department reported Monday. The amount is the most ever for that time period, a quarter typically more plentiful in cash because of tax collections. But a tepid economy has sapped the revenue collections of Treasury at a time when spending has increased. This follows the all-time-high borrowing total for any quarter, $111 billion borrowed in the January to March timeframe, Treasury officials confirmed. Analysts were predicting the Treasury to borrow in the range of $51 to $56 billion, although a few rare estimates thought borrowing needs might creep as high as $60 billion-plus. Treasury expects a cash balance of $45 billion on June 30.

http://cbs.marketwatch.com/news/newsfinder/pulseone.asp?dateid=37739.6265046296-804122122&siteID...