The federal government, running record budget deficits over the past two years, is projecting that it will have to borrow a record $147 billion in the first three months of 2005, the Treasury Department announced Monday.
The department projected net borrowing needs of $100 billion for the current October-December quarter, less than the $122 billion it had earlier estimated would be needed to meet the government's obligations.
Treasury said it is currently projecting net borrowing of $147 billion in the January-March quarter of next year, which would top the previous record net borrowing amount for a single quarter of $146 billion set in the January-March quarter of this year.
In the recently completed July-September quarter, Treasury borrowed a net $89 billion and ended the quarter with a cash balance of $36 billion. For the current quarter, Treasury is projecting to end the three-month period with a cash balance of $25 billion.
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