Intel Strategy for Achieving Wealth and Off Topic Message Board

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Technology Stocks : Intel Strategy for Achieving Wealth and Off Topic

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Nov 10 3:59 PM EST

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To: Sonny McWilliams who wrote (26303)	7/31/2000 10:34:25 PM
From: William Hunt	of 27012

Treasury to Pay $45 Billion of Debt, Post $50 Billion Balance for Quarter Dow Jones Newswires WASHINGTON -- The Treasury Department Monday said it expects to pay down $45 billion on the federal debt in the third quarter, with a cash balance of $50 billion on Sept. 30. The Treasury also said it projected a net paydown for the fourth quarter of about $10 billion, with a $30 billion cash balance at the end of December. The new estimate of the third-quarter paydown is slightly below what the Treasury Department had previously anticipated. In May, the Treasury Department projected a $47 billion paydown, with a $45 billion ending balance, for the quarter. The Treasury Department said the downward revision to the estimate was driven by an increase in outlays. However, the estimate is further evidence of the flush cash position in which the government finds itself as chronic budget deficits have turned to surpluses in recent years. In late June, the Office of Management and Budget estimated surpluses totaling $4.193 trillion through 2010. The projected fourth-quarter debt paydown would mark a reversal from the $47 billion in net borrowing seen in the same period of 1999, driven in part by concerns over the year-2000 date changeover. The Treasury Department also said it paid down a record $192 billion on the federal debt in the second quarter, with an ending cash balance of $57 billion on June 30. The Treasury Department had originally expected to pay down a smaller $185 billion in the quarter, with a quarter-end balance of only $50 billion. The quarter typically sees government coffers bulge as individual tax bills are paid. The government attributed the larger-than-expected second-quarter paydown to higher receipts. The borrowing estimates are the prelude to Wednesday's quarterly refunding press conference. BEST WISHES BILL

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