The U.S. government expects to pay down debt in the current quarter for the first time in six years, the Treasury Department said on Monday, citing stronger-than-expected revenues.
It said it would pay down $35 billion in net marketable debt in the April-June quarter, and would likely end the quarter with a cash balance of $75 billion. In February, it estimated that it would need to borrow $103 billion, even as it projected a smaller end-of-quarter cash balance.
It is the first retirement of government debt since a $145 billion paydown in the April-June 2007 quarter.
