The U.S. Treasury borrowed more than $1 trillion in the third quarter—and expects to borrow another $776 billion in the fourth quarter, according to Treasury officials. The fourth-quarter estimate, which would mark a record for that quarter, is $76 billion below a July estimate.
Deferred taxes from California and other states, which were delayed by the IRS due to natural disasters, allowed for lower borrowing, according to Treasury officials. The numbers follow a shock announcement this summer, when the Treasury Department said it expected to borrow more than $1 trillion in the third quarter. That was $274 trillion dollars above previous expectations, and that borrowing has helped fuel the rise in long-term Treasury yields to 5%.
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