U.S. Treasury Slashes Quarterly Borrowing More Than Expected
- Treasury releases borrowing needs before quarterly refunding
- Biden talks with Congress on fresh package to shape trajectory
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The U.S. Treasury slashed its estimated borrowing needs for the three months through March by more than analysts had anticipated, citing what it said was less spending than it expected before the start of the year.
The Treasury’s estimates, released in Washington Monday, don’t reflect President Joe Biden proposed $1.9 trillion package, and the department said the enactment of further Covid-19 relief could result in greater borrowing than it now projects.