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.
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