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The Canadian Press - ONLINE EDITION

Gov't raises estimate of Q3 borrowing by $22B, to $192B; expects to borrow $187B for Q4

WASHINGTON - The U.S. Treasury Department has raised by $22 billion its estimate of what it needs to borrow in the third quarter to keep the government operating.

Treasury said Monday that it expects to borrow $192 billion in the July-September period, up from an estimate of $170 billion announced in April. The borrowing increase is mainly due to the government taking in less in revenue than previously expected.

Treasury also said it expects to borrow $187 billion in the fourth quarter of the year.

To meet borrowing needs, the government sells Treasury securities such as 10-year notes and 30-year bonds at quarterly refunding auctions.

The government ran a budget surplus of $71 billion in June, putting it on course to record the lowest annual deficit since 2008.

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