US Treasury Plans to Borrow $1.665 Trillion Over Next 6 Months

Investors will now focus on the Treasury’s borrowing plans.

U.S. investor and hedge fund manager Scott Bessent delivers his opening statement during a Senate Finance Committee hearing on his nomination to be secretary of the Treasury, on Capitol Hill on Jan. 16, 2025. Andrew Caballera-Reynolds/AFP via Getty Images

The U.S. Treasury plans to borrow $1.665 trillion over the next six months, the department announced on Feb. 3 in its first estimate under Secretary Scott Bessent.

According to the Treasury Refunding Estimate, the Treasury projects borrowing $815 billion from January to March. This is $9 billion lower than the October forecast, driven by a higher beginning-of-quarter cash balance.