The U.S. Treasury Department raised its quarterly borrowing estimate to $739 billion.

The U.S. Treasury Department has raised its estimate for federal borrowing in the current quarter, primarily due to a downward adjustment in expected net cash flow. In a statement released on Monday, the Treasury indicated that net borrowing is now projected to be $739 billion from July to September, an increase of $68 billion from the May estimate of $671 billion. This estimate assumes a cash balance of $950 billion at the end of September, up from $919 billion at the end of June. For the period from October to December, the Treasury expects borrowing to be $628 billion, with a target cash balance of $850 billion by the end of December.