Treasury plans to borrow $1.37 trillion over the next six months

The Treasury Department reported that it plans to borrow $1.369 trillion over the next six months. Specifically, the federal agency projected that it will borrow privately held money valued at $546 billion for the October-December period and $823 billion for the first quarter of 2025.

Adding this to the $762 billion loan requested by the Biden-Harris administration for the July-September quarter, the nine-month total would amount to more than $2 trillion. During this time, the Treasury ended with a cash balance of $886 billion.

The borrowing to be requested for the last quarter of 2024 is $19 billion less than announced in July.

Federal government borrowing surpassed a total of $1.9 trillion from January through September. This figure is driven by excessive government spending by the Biden-Harris administration. The total national debt broke records in July by surpassing $35 trillion for the first time.