Home / Civilian / Treasury: It’s Business as Usual

Treasury: It’s Business as Usual

Treasury building

Assuming Congress passes the debt ceiling increase Tuesday, the Treasury announced Monday it plans to borrow $331 billion in the current quarter.

Reuters reports the Treasury is proceeding as if the debt ceiling increase will be passed and signed by President Barack Obama. The Treasury has said it would not be able to meet government obligations after Aug. 2, potentially leading to a default.

The Treasury said its borrowing estimate for the July-Sept. 2011 quarter is $74 billion lower than the estimate announced in May 2011, with adjustments made for lower outlays and cash balance.

The debt ceiling increase is part of the $2.1-trillion deficit-reduction plan agreed upon by the White House and Congressional leaders over the weekend.

According to Reuters, the debt ceiling will be increased in two stages. The first $900 billion segment of the debt ceiling is part of the deal being considered by Congress. The second increase, $1.5 trillion, will be considered when a second round of $1.5 trillion in cuts is approved later this year.

Check Also

Defense Innovation Board Highlights Three Themes in Draft Software Acquisition & Practices Study

The Defense Innovation Board issued a draft copy of its Software Acquisition and Practices study and the congressionally mandated SWAP study has three fundamental themes. The first theme deals with the role of speed and cycle time as metrics for software management.

Leave a Reply

Your email address will not be published. Required fields are marked *