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U.S. Treasury cuts borrowing plans as receipts grow

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Fri, 10 Jun 11 3:03 AM | 25 view(s)
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U.S. Treasury cuts borrowing plans as receipts grow

WASHINGTON | Mon May 2, 2011 3:08pm EDT

May 2 (Reuters) - The U.S. Treasury on Monday slashed its borrowing estimates for the April-June quarter by more than half to $142 billion as tax receipts rose and a battle over raising the debt ceiling looms.

The Treasury said the borrowing estimate is $156 billion lower than estimates made in January and attributed the decrease to higher receipts and lower outlays, which allowed it to start the quarter with a higher-than-expected cash balance. (Reporting by David Lawder)
http://www.reuters.com/article/2011/05/02/usa-budget-borrowing-idUSWAT01508120110502

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