Treasury Financing Requirements

April - June 2007
(Projected)

(Actuals)

$ Billions
July - September 2007
(Projected)

Deficit Funding (Def + / Surplus -)

-140

-138

29

Means of Financing
Change in Cash Balance
Net Non-Marketable Financing
Other*
Net Marketable Financing

-24
17
12
-145

-19
16
5
-139

-35
-4
-6
73

Net Marketable Financing

-145

-139

73

Bills
Nominal Notes
TIPS
Bonds
Notes:
Starting Cash Balance
Ending Cash Balance

-164
3
16
7
6
30

6
25

* Includes direct loan activity, changes in accrued interest, checks outstanding, minor miscellaneous transactions, discount and inflation accretion on Treasuries.
Note: Totals may not add due to rounding.

25
60

Marketable Treasury Coupon Flows

$ Billions

August 15, 2007

Maturing Coupon
Securities
(Excluding SOMA
holdings)
63

August 31, 2007

19

4

23

September 15, 2007

0

1

1

September 30, 2007

20

3

23

October 15, 2007

0

4

4

October 31, 2007

19

3

22

November 15, 2007

66

21

87

November 30, 2007

19

3

23

Date

Coupon
Payments

Total
Outflows

27

90

TREASURY DAILY OPERATING CASH BALANCE
FY 2005
Date

Total

FY 2006
Date

Total

FY 2007
Date

Total

10/1/2004
10/4/2004
10/5/2004
10/6/2004
10/7/2004
10/8/2004
10/11/2004
10/12/2004
10/13/2004
10/14/2004
10/15/2004
10/18/2004
10/19/2004
10/20/2004
10/21/2004
10/22/2004
10/25/2004
10/26/2004
10/27/2004
10/28/2004
10/29/2004
11/1/2004
11/2/2004
11/3/2004
11/4/2004
11/5/2004
11/8/2004
11/9/2004
11/10/2004
11/11/2004
11/12/2004
11/15/2004
11/16/2004
11/17/2004
11/18/2004
11/19/2004
11/22/2004
11/23/2004
11/24/2004
11/25/2004
11/26/2004
11/29/2004
11/30/2004
12/1/2004
12/2/2004
12/3/2004
12/6/2004
12/7/2004
12/8/2004
12/9/2004
12/10/2004
12/13/2004
12/14/2004
12/15/2004
12/16/2004
12/17/2004
12/20/2004
12/21/2004
12/22/2004
12/23/2004
12/24/2004
12/27/2004
12/28/2004
12/29/2004
12/30/2004
12/31/2004
1/3/2005
1/4/2005
1/5/2005
1/6/2005
1/7/2005
1/10/2005
1/11/2005
1/12/2005
1/13/2005

18.3
21.5
17.4
20.5
14.2
10.9
10.9
10.9
12.9
20.4
25.9
34.5
32.4
30.9
35.4
32.0
33.7
27.8
25.7
31.4
48.1
35.1
34.1
14.9
23.3
19.9
21.1
16.4
12.9
12.9
28.9
10.5
13.4
10.5
6.3
5.1
6.0
18.1
14.1
14.1
20.6
24.3
18.0
7.6
8.5
7.4
7.0
15.5
12.3
5.4
6.4
11.4
13.7
39.8
33.6
32.8
36.2
35.1
34.6
24.5
26.9
31.9
30.5
34.8
20.0
24.7
20.5
16.8
21.0
10.2
8.4
13.7
12.4
10.6
10.8

10/3/2005
10/4/2005
10/5/2005
10/6/2005
10/7/2005
10/11/2005
10/12/2005
10/13/2005
10/14/2005
10/17/2005
10/18/2005
10/19/2005
10/20/2005
10/21/2005
10/24/2005
10/25/2005
10/26/2005
10/27/2005
10/28/2005
10/31/2005
11/1/2005
11/2/2005
11/3/2005
11/4/2005
11/7/2005
11/8/2005
11/9/2005
11/10/2005
11/11/2005
11/14/2005
11/15/2005
11/16/2005
11/17/2005
11/18/2005
11/21/2005
11/22/2005
11/23/2005
11/24/2005
11/25/2005
11/28/2005
11/29/2005
11/30/2005
12/1/2005
12/2/2005
12/5/2005
12/6/2005
12/7/2005
12/8/2005
12/9/2005
12/12/2005
12/13/2005
12/14/2005
12/15/2005
12/16/2005
12/19/2005
12/20/2005
12/21/2005
12/22/2005
12/23/2005
12/27/2005
12/28/2005
12/29/2005
12/30/2005
1/2/2006
1/3/2006
1/4/2006
1/5/2006
1/6/2006
1/9/2006
1/10/2006
1/11/2006
1/12/2006
1/13/2006
1/17/2006
1/18/2006

14.7
9.5
11.6
19.1
15.2
15.4
7.8
10.0
9.2
29.3
27.1
26.9
30.9
29.4
30.6
27.3
24.6
34.1
41.4
40.7
24.1
27.5
14.7
12.4
12.4
8.3
9.3
18.0
18.0
24.1
4.5
7.2
18.0
16.5
17.9
12.6
4.7
4.7
12.1
14.2
10.5
6.0
16.1
11.8
10.4
5.3
7.8
10.4
10.1
15.3
8.5
12.5
35.7
43.8
48.1
46.3
46.9
35.4
43.4
49.0
42.7
38.5
36.6
36.6
18.3
18.4
13.0
14.2
18.3
16.9
14.6
6.3
7.0
32.2
38.1

10/2/2006
10/3/2006
10/4/2006
10/5/2006
10/6/2006
10/10/2006
10/11/2006
10/12/2006
10/13/2006
10/16/2006
10/17/2006
10/18/2006
10/19/2006
10/20/2006
10/21/2006
10/24/2006
10/25/2006
10/26/2006
10/27/2006
10/30/2006
10/31/2006
11/1/2006
11/2/2006
11/3/2006
11/6/2006
11/7/2006
11/8/2006
11/9/2006
11/10/2006
11/13/2006
11/14/2006
11/15/2006
11/16/2006
11/17/2006
11/20/2006
11/21/2006
11/22/2006
11/23/2006
11/24/2006
11/27/2006
11/28/2006
11/29/2006
11/30/2006
12/1/2006
12/4/2006
12/5/2006
12/6/2006
12/7/2006
12/8/2006
12/11/2006
12/12/2006
12/13/2006
12/14/2006
12/15/2006
12/18/2006
12/19/2006
12/20/2006
12/21/2006
12/22/2006
12/26/2006
12/27/2006
12/28/2006
12/29/2006
1/1/2007
1/2/2007
1/3/2007
1/4/2007
1/5/2007
1/8/2007
1/9/2007
1/10/2007
1/11/2007
1/12/2007
1/16/2007
1/17/2007

52.8
26.7
27.5
20.6
18.7
20.6
11.9
11.7
10.4
12.5
12.2
14.9
24.0
22.8
27.0
26.0
24.3
32.8
33.6
37.0
57.3
39.9
52.9
32.1
34.0
28.8
26.1
35.7
36.6
40.9
38.2
5.2
15.6
12.6
14.2
10.2
6.3
6.3
18.0
20.2
14.5
17.4
20.9
5.6
7.6
13.2
16.0
10.9
11.2
15.7
12.4
11.3
5.2
45.3
59.2
57.1
59.7
44.2
47.3
54.5
47.4
32.9
30.7
30.7
40.0
20.5
13.6
14.0
18.9
19.9
16.9
13.3
12.7
20.9
29.4

1/14/2005
1/17/2005
1/18/2005
1/19/2005
1/20/2005
1/21/2005
1/24/2005
1/25/2005
1/26/2005
1/27/2005
1/28/2005
1/31/2005
2/1/2005
2/2/2005
2/3/2005
2/4/2005
2/7/2005
2/8/2005
2/9/2005
2/10/2005
2/11/2005
2/14/2005
2/15/2005
2/16/2005
2/17/2005
2/18/2005
2/21/2005
2/22/2005
2/23/2005
2/24/2005
2/25/2005
2/28/2005
3/1/2005
3/2/2005
3/3/2005
3/4/2005
3/7/2005
3/8/2005
3/9/2005
3/10/2005
3/11/2005
3/14/2005
3/15/2005
3/16/2005
3/17/2005
3/18/2005
3/21/2005
3/22/2005
3/23/2005
3/24/2005
3/25/2005
3/28/2005
3/29/2005
3/30/2005
3/31/2005
4/1/2005
4/4/2005
4/5/2005
4/6/2005
4/7/2005
4/8/2005
4/11/2005
4/12/2005
4/13/2005
4/14/2005
4/15/2005
4/18/2005
4/19/2005
4/20/2005
4/21/2005
4/22/2005
4/25/2005
4/26/2005
4/27/2005
4/28/2005
4/29/2005
5/2/2005

10.9
10.9
28.1
38.3
36.3
42.8
52.2
52.8
54.8
50.0
44.8
61.3
49.3
53.0
29.7
20.5
23.0
19.2
15.8
24.6
5.0
4.5
14.7
20.6
29.0
12.7
12.7
18.5
13.5
30.7
17.2
19.6
7.0
10.1
11.8
3.4
6.6
15.4
10.8
15.4
6.2
14.8
35.2
43.6
48.9
43.0
47.5
44.8
42.0
41.2
34.2
36.1
34.4
34.2
22.4
10.2
14.6
9.7
12.4
12.8
6.3
10.1
13.0
12.5
5.4
18.4
27.7
46.9
55.6
41.9
45.0
59.5
80.3
84.6
72.8
76.4
83.2

1/19/2006
1/20/2006
1/23/2006
1/24/2006
1/25/2006
1/26/2006
1/27/2006
1/30/2006
1/31/2006
2/1/2006
2/2/2006
2/3/2006
2/6/2006
2/7/2006
2/8/2006
2/9/2006
2/10/2006
2/13/2006
2/14/2006
2/15/2006
2/16/2006
2/17/2006
2/20/2006
2/21/2006
2/22/2006
2/23/2006
2/24/2006
2/27/2006
2/28/2006
3/1/2006
3/2/2006
3/3/2006
3/6/2006
3/7/2006
3/8/2006
3/9/2006
3/10/2006
3/13/2006
3/14/2006
3/15/2006
3/16/2006
3/17/2006
3/20/2006
3/21/2006
3/22/2006
3/23/2006
3/24/2006
3/27/2006
3/28/2006
3/29/2006
3/30/2006
3/31/2006
4/3/2006
4/4/2006
4/5/2006
4/6/2006
4/7/2006
4/10/2006
4/11/2006
4/12/2006
4/13/2006
4/14/2006
4/17/2006
4/18/2006
4/19/2006
4/20/2006
4/21/2006
4/24/2006
4/25/2006
4/26/2006
4/27/2006
4/28/2006
5/1/2006
5/2/2006
5/3/2006
5/4/2006
5/5/2006

41.2
44.1
53.6
60.1
60.3
62.3
57.3
62.6
68.9
55.3
65.7
36.7
38.6
33.3
30.1
35.0
12.0
15.6
13.7
17.6
32.9
11.7
11.7
17.3
9.2
21.0
5.4
10.4
18.1
5.5
12.0
7.7
11.1
6.7
10.7
17.1
7.0
13.5
10.5
15.4
31.8
24.0
28.2
25.1
22.2
29.0
20.7
25.3
20.4
21.9
17.6
8.2
9.5
7.1
8.8
7.5
9.0
11.9
11.5
10.5
9.5
13.7
13.2
30.2
38.6
18.3
21.2
36.9
69.3
77.7
61.0
79.0
84.0
100.2
88.8
80.3
79.2

1/18/2007
1/19/2007
1/22/2007
1/23/2007
1/24/2007
1/25/2007
1/26/2007
1/29/2007
1/30/2007
1/31/2007
2/1/2007
2/2/2007
2/5/2007
2/6/2007
2/7/2007
2/8/2007
2/9/2007
2/12/2007
2/13/2007
2/14/2007
2/15/2007
2/16/2007
2/19/2007
2/20/2007
2/21/2007
2/22/2007
2/23/2007
2/26/2007
2/27/2007
2/28/2007
3/1/2007
3/2/2007
3/5/2007
3/6/2007
3/7/2007
3/8/2007
3/9/2007
3/12/2007
3/13/2007
3/14/2007
3/15/2007
3/16/2007
3/19/2007
3/20/2007
3/21/2007
3/22/2007
3/23/2007
3/26/2007
3/27/2007
3/28/2007
3/29/2007
3/30/2007
4/2/2007
4/3/2007
4/4/2007
4/5/2007
4/6/2007
4/9/2007
4/10/2007
4/11/2007
4/12/2007
4/13/2007
4/16/2007
4/17/2007
4/18/2007
4/19/2007
4/20/2007
4/23/2007
4/24/2007
4/25/2007
4/26/2007
4/27/2007
4/30/2007
5/1/2007
5/2/2007
5/3/2007
5/4/2007

30.2
34.8
48.1
59.2
61.3
58.0
51.0
62.5
59.4
83.8
66.2
37.6
40.9
37.2
40.5
48.2
26.0
29.2
25.0
23.4
14.7
6.0
6.0
13.8
7.6
22.4
6.9
12.3
9.1
11.5
16.2
6.0
11.0
9.5
12.9
21.2
9.5
15.5
11.3
13.2
32.5
35.1
39.2
36.1
34.4
31.5
22.9
26.2
20.5
14.9
9.9
6.0
13.7
6.1
8.5
13.1
6.5
9.1
7.9
9.9
3.8
11.9
9.5
28.9
24.0
11.2
15.1
33.7
77.3
92.9
81.8
88.8
123.7
116.7
123.6
83.7
83.3

5/3/2005
5/4/2005
5/5/2005
5/6/2005
5/9/2005
5/10/2005
5/11/2005
5/12/2005
5/13/2005
5/16/2005
5/17/2005
5/18/2005
5/19/2005
5/20/2005
5/23/2005
5/24/2005
5/25/2005
5/26/2005
5/27/2005
5/31/2005
6/1/2005
6/2/2005
6/3/2005
6/6/2005
6/7/2005
6/8/2005
6/9/2005
6/10/2005
6/13/2005
6/14/2005
6/15/2005
6/16/2005
6/17/2005
6/20/2005
6/21/2005
6/22/2005
6/23/2005
6/24/2005
6/27/2005
6/28/2005
6/29/2005
6/30/2005
7/1/2005
7/5/2005
7/6/2005
7/7/2005
7/8/2005
7/11/2005
7/12/2005
7/13/2005
7/14/2005
7/15/2005
7/18/2005
7/19/2005
7/20/2005
7/21/2005
7/22/2005
7/25/2005
7/26/2005
7/27/2005
7/28/2005
7/29/2005
8/1/2005
8/2/2005
8/3/2005
8/4/2005
8/5/2005
8/8/2005
8/9/2005
8/10/2005
8/11/2005
8/12/2005
8/15/2005
8/16/2005
8/17/2005
8/18/2005
8/19/2005
8/22/2005
8/23/2005
8/24/2005
8/25/2005
8/26/2005

67.3
71.2
51.4
49.7
53.2
49.5
46.5
31.1
28.2
30.8
30.5
27.8
21.2
18.4
20.7
15.6
12.7
13.6
14.6
16.6
9.5
12.6
5.6
4.9
11.2
8.0
5.0
5.7
11.3
17.9
49.3
45.5
46.7
52.5
63.0
64.2
44.1
44.0
49.7
46.9
51.8
33.2
10.1
11.9
9.1
6.8
6.1
7.9
7.7
5.3
11.4
14.4
23.1
19.7
19.9
25.4
27.3
31.4
29.3
26.7
32.0
41.0
27.0
26.6
8.8
11.2
9.6
12.9
9.9
8.2
6.6
5.7
8.6
12.9
12.3
14.4
16.3
20.5
17.8
14.4
13.8
11.1

5/8/2006
5/9/2006
5/10/2006
5/11/2006
5/12/2006
5/15/2006
5/16/2006
5/17/2006
5/18/2006
5/19/2006
5/22/2006
5/23/2006
5/24/2006
5/25/2006
5/26/2006
5/29/2006
5/30/2006
5/31/2006
6/1/2006
6/2/2006
6/5/2006
6/6/2006
6/7/2006
6/8/2006
6/9/2006
6/12/2006
6/13/2006
6/14/2006
6/15/2006
6/16/2006
6/19/2006
6/20/2006
6/21/2006
6/22/2006
6/23/2006
6/26/2006
6/27/2006
6/28/2006
6/29/2006
6/30/2006
7/3/2006
7/5/2006
7/6/2006
7/7/2006
7/10/2006
7/11/2006
7/12/2006
7/13/2006
7/14/2006
7/17/2006
7/18/2006
7/19/2006
7/20/2006
7/21/2006
7/24/2006
7/25/2006
7/26/2006
7/27/2006
7/28/2006
7/31/2006
8/1/2006
8/2/2006
8/3/2006
8/4/2006
8/7/2006
8/8/2006
8/9/2006
8/10/2006
8/11/2006
8/14/2006
8/15/2006
8/16/2006
8/17/2006
8/18/2006
8/21/2006
8/22/2006
8/23/2006
8/24/2006
8/25/2006
8/28/2006
8/29/2006
8/30/2006

83.0
77.4
73.8
64.7
64.4
24.6
28.3
24.5
24.5
23.3
26.7
22.5
18.2
14.9
15.5
15.5
18.8
28.1
8.8
7.1
7.4
11.3
15.2
9.6
11.0
16.9
18.2
23.3
34.1
42.0
49.4
60.3
63.9
49.5
52.1
58.4
56.0
53.5
49.7
45.8
20.4
17.8
17.3
16.1
19.7
16.3
13.8
15.9
15.2
14.6
12.4
12.4
12.7
12.3
16.5
12.9
10.2
13.3
12.6
37.7
14.1
18.7
5.4
6.5
9.7
6.3
3.3
8.5
6.2
10.3
3.9
8.1
15.4
17.4
22.8
19.8
16.5
12.9
10.7
14.7
12.5
13.6

5/7/2007
5/8/2007
5/9/2007
5/10/2007
5/11/2007
5/14/2007
5/15/2007
5/16/2007
5/17/2007
5/18/2007
5/21/2007
5/22/2007
5/23/2007
5/24/2007
5/25/2007
5/28/2007
5/29/2007
5/30/2007
5/31/2007
6/1/2007
6/4/2007
6/5/2007
6/6/2007
6/7/2007
6/8/2007
6/11/2007
6/12/2007
6/13/2007
6/14/2007
6/15/2007
6/18/2007
6/19/2007
6/20/2007
6/21/2007
6/22/2007
6/25/2007
6/26/2007
6/27/2007
6/28/2007
6/29/2007
7/2/2007
7/3/2007
7/5/2007
7/6/2007
7/9/2007
7/10/2007
7/11/2007
7/12/2007
7/13/2007
7/16/2007
7/17/2007
7/18/2007
7/19/2007
7/20/2007
7/23/2007
7/24/2007
7/25/2007

85.0
79.8
75.8
62.4
60.8
65.2
23.4
26.5
21.5
20.1
23.7
19.4
14.8
13.8
13.8
13.8
20.1
16.9
26.1
7.9
10.5
16.9
21.6
12.7
13.4
18.4
18.4
17.6
8.6
30.1
45.2
59.6
65.1
48.5
53.2
60.2
58.9
56.2
43.8
25.2
33.3
8.2
10.4
9.4
13.4
9.6
7.4
6.4
4.7
23.3
20.4
18.7
20.7
20.3
25.2
21.9
18.3

8/29/2005
8/30/2005
8/31/2005
9/1/2005
9/2/2005
9/6/2005
9/7/2005
9/8/2005
9/9/2005
9/12/2005
9/13/2005
9/14/2005
9/15/2005
9/16/2005
9/19/2005
9/20/2005
9/21/2005
9/22/2005
9/23/2005
9/26/2005
9/27/2005
9/28/2005
9/29/2005
9/30/2005

14.7
10.4
8.6
6.3
7.2
8.1
5.9
10.1
7.1
10.7
11.2
7.8
40.6
49.2
55.9
70.6
72.9
60.1
60.9
63.6
60.5
57.5
50.3
35.7

8/31/2006
9/1/2006
9/4/2006
9/5/2006
9/6/2006
9/7/2006
9/8/2006
9/11/2006
9/12/2006
9/13/2006
9/14/2006
9/15/2006
9/18/2006
9/19/2006
9/20/2006
9/21/2006
9/22/2006
9/25/2006
9/26/2006
9/27/2006
9/28/2006
9/29/2006

16.4
4.5
4.5
8.7
6.4
7.7
6.1
9.9
9.3
8.2
6.8
41.3
56.4
70.3
75.8
63.5
65.4
71.6
71.1
69.7
52.6
52.1

Treasury Quarterly Net Marketable Borrowing
Bills 2-under 5 years
Fiscal Year Quarters
2002 1Q
2Q
3Q
4Q
2003 1Q
2Q
3Q
4Q
2004 1Q
2Q
3Q
4Q
2005 1Q
2Q
3Q
4Q
2006 1Q
2Q
3Q
4Q
2007 1Q
2Q
3Q
Totals may not add due to rounding.

76.4
23.2
-11.9
45.8
20.5
66.3
-27.3
-9.6
10.6
56.2
-38.2
14.7
41.7
55.9
-135.7
-9.2
49.6
78.2
-125.3
-5.2
32.7
88.9
-164.0

65.7
26.6
49.3
76.9
68.6
59.6
78.1
62.7
44.1
30.9
25.8
16.7
20.4
12.5
17.5
7.3
10.1
-5.4
-14.0
-14.4
-21.5
-30.2
-33.8

Nominals
5-10 years over 10 years
-84.7
2.7
-18.3
-29.6
-9.3
-17.5
12.8
23.0
62.2
46.7
43.0
40.6
27.2
57.0
28.9
48.4
21.9
54.3
31.6
34.1
16.2
56.8
36.3

-1.8
-6.0
0.0
0.0
-4.2
-3.0
-3.2
-5.6
-12.5
0.0
-8.4
-4.0
-12.5
-2.3
-7.2
-9.3
-4.1
10.1
-3.5
11.6
-4.0
9.8
6.8

Buybacks
-8.5
0.0
-4.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0

TIPS
5-10 years 20-30 years
0.0
6.0
0.0
-8.9
7.0
6.0
0.0
11.0
9.0
12.0
9.0
10.0
21.0
10.0
18.0
9.0
15.0
9.0
19.0
10.6
18.6
-8.8
16.1

5.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
11.0
0.0
11.0
0.0
6.0
0.0
11.8
0.0
8.2
0.0
9.2
0.0

$ billions
Totals
52.1
52.5
15.1
84.2
82.6
111.3
60.3
81.5
113.4
145.9
31.3
89.0
97.8
144.2
-78.5
52.3
92.5
158.0
-92.1
45.0
41.9
125.7
-138.7

Treasury Quarterly Net Borrowing From NonMarketable Issues
Fiscal Year
Quarter
I 02
II
III
IV
I 03
II
III
IV
I 04
II
III
IV
I 05
II
III
IV
I 06
II

$ billions
Savings Bonds

Foreign Series

State and Local Govt. Series

Total

1.9
-0.4
-1.1
-1.4

-1.0
0.2
-0.7

-0.1
-5.2
1.7
1.5

0.8
-5.5
-0.1
-0.7

-0.2
0.1
0.5
0.4

-1.3

9.1
-1.0
-8.3
7.9

7.6
-2.4
-8.4
7.6

0.5
-1.2
-1.5
-2.1

-0.5

0.8
6.5
5.8
-3.3

0.8
4.5
3.9
-6.0

-1.4
-1.9
-1.7
-2.3

0.0

2.5

1.1

0.2

18.3

16.6

-1.6

27.7

24.4

0.1

18.5

16.3

III
IV

-0.2
-1.1
-2.7
-3.6

I 07
II
III

-3.1
-3.8
-3.5

-0.8
-1.5
-0.6
-0.7
-0.8
-0.3
-0.6

0.7

10.3

10.7

-0.4

-0.7

-2.2

-0.4

7.2

4.1

0.0

-3.2

-6.8

0.0

18.8

15.7

0.5

24.3

21.0

-0.5

19.7

15.7

Percentage Breakdown of Quarterly Issuance
ISSUE
Bills
2-3 yrs
4-7 yrs
12/31/80
61.2%
20.5%
10.8%
3/31/81
61.6%
20.0%
10.7%
6/30/81
61.2%
19.6%
11.7%
9/30/81
61.0%
19.2%
12.6%
12/31/81
62.7%
19.3%
11.3%
3/31/82
61.3%
21.4%
10.5%
6/30/82
61.2%
22.8%
9.7%
9/30/82
61.0%
21.6%
11.5%
12/31/82
61.3%
22.1%
11.0%
3/31/83
60.0%
22.4%
11.4%
6/30/83
58.0%
22.5%
12.4%
9/30/83
58.1%
23.0%
10.8%
12/31/83
56.4%
23.0%
11.7%
3/31/84
56.4%
22.9%
11.5%
6/30/84
54.8%
23.6%
11.9%
9/30/84
56.4%
23.3%
10.7%
12/31/84
56.2%
22.6%
11.7%
3/31/85
56.4%
22.4%
11.6%
6/30/85
55.6%
22.7%
11.9%
9/30/85
54.9%
22.9%
11.9%
12/31/85
55.1%
22.8%
11.8%
3/31/86
54.4%
22.9%
12.0%
6/30/86
54.3%
23.1%
12.0%
9/30/86
54.0%
23.0%
12.7%
12/31/86
54.6%
23.3%
11.9%
3/31/87
53.0%
24.5%
12.3%
6/30/87
51.8%
25.2%
12.7%
9/30/87
53.5%
24.7%
11.7%
12/31/87
54.4%
24.0%
12.3%
3/31/88
53.8%
24.2%
12.7%
6/30/88
52.8%
24.8%
12.8%
9/30/88
53.9%
24.3%
13.4%
12/31/88
54.7%
24.1%
12.3%
3/31/89
54.6%
24.0%
12.4%
6/30/89
53.5%
24.4%
12.8%
9/30/89
52.3%
24.3%
13.0%
12/31/89
53.0%
24.1%
12.6%
3/31/90
53.3%
24.1%
12.4%
6/30/90
53.8%
24.0%
12.2%
9/30/90
54.9%
23.8%
11.7%
12/31/90
57.1%
22.8%
11.1%
3/31/91
56.3%
23.4%
11.3%
6/30/91
53.8%
24.4%
12.4%
9/30/91
54.6%
23.3%
12.9%
12/31/91
54.3%
23.1%
13.5%
3/31/92
53.7%
23.2%
14.3%
6/30/92
54.5%
22.9%
14.4%
9/30/92
54.6%
23.1%
14.5%
12/31/92
55.3%
22.7%
14.6%
3/31/93
53.8%
23.3%
15.4%

10-15 yrs
4.6%
4.7%
4.1%
3.3%
2.7%
2.6%
3.3%
3.5%
3.6%
3.8%
3.6%
3.6%
3.8%
3.9%
4.1%
3.9%
3.8%
3.8%
3.9%
4.1%
4.1%
4.3%
4.6%
4.7%
5.0%
5.3%
5.4%
5.2%
5.1%
5.1%
5.2%
5.3%
5.3%
5.3%
5.5%
5.3%
5.2%
5.2%
5.1%
4.9%
4.6%
4.6%
4.8%
4.7%
4.6%
4.5%
4.3%
4.1%
3.9%
4.0%

Bonds
2.8%
3.0%
3.4%
3.9%
4.0%
4.1%
3.0%
2.4%
2.1%
2.4%
3.5%
4.4%
5.1%
5.3%
5.6%
5.6%
5.6%
5.7%
5.9%
6.1%
6.2%
6.4%
6.1%
5.6%
5.2%
4.9%
5.0%
4.9%
4.2%
4.3%
4.4%
3.0%
3.6%
3.6%
3.8%
5.1%
5.0%
5.0%
4.9%
4.7%
4.4%
4.4%
4.6%
4.5%
4.5%
4.3%
4.0%
3.7%
3.5%
3.5%

TIPS
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%

6/30/93
9/30/93
12/31/93
3/31/94
6/30/94
9/30/94
12/31/94
3/31/95
6/30/95
9/30/95
12/31/95
3/31/96
6/30/96
9/30/96
12/31/96
3/31/97
6/30/97
9/30/97
12/31/97
3/31/98
6/30/98
9/30/98
12/31/98
3/31/99
6/30/99
9/30/99
12/31/99
3/31/00
6/30/00
9/30/00
12/31/00
3/31/01
6/30/01
9/30/01
12/31/01
3/31/02
6/30/02
9/30/02
12/31/02
3/31/03
6/30/03
9/30/03
12/31/03
3/31/04
6/30/04
9/30/04
12/31/04
3/31/05
6/30/05
9/30/2005
12/31/2005
3/31/06
6/30/06
9/30/2006
12/31/2006
3/31/07
6/30/07

ISSUE
Bills
53.4%
55.3%
56.7%
56.5%
57.1%
56.3%
57.5%
57.9%
57.9%
57.6%
58.0%
58.4%
57.7%
56.5%
55.7%
55.0%
53.3%
54.2%
55.0%
54.8%
54.4%
55.6%
58.7%
58.6%
59.5%
60.9%
62.6%
62.6%
62.7%
64.0%
66.4%
67.0%
66.5%
69.5%
68.9%
67.0%
63.2%
61.5%
60.9%
61.5%
59.4%
57.6%
55.5%
55.1%
52.9%
54.1%
54.5%
55.6%
52.4%
52.9%
56.4%
57.4%
54.4%
54.7%
54.5%
57.8%
54.5%

2-3 yrs
23.6%
23.0%
23.3%
24.0%
24.6%
25.2%
24.6%
24.4%
24.3%
24.5%
24.1%
23.7%
24.2%
24.6%
24.4%
24.6%
24.9%
24.0%
23.3%
22.8%
22.4%
22.0%
20.9%
21.8%
22.3%
21.7%
21.2%
21.2%
21.4%
20.9%
19.5%
18.9%
18.9%
17.8%
19.1%
22.1%
25.7%
26.8%
27.1%
26.1%
27.2%
27.7%
28.0%
27.4%
27.8%
26.7%
26.1%
25.2%
26.6%
26.3%
23.7%
23.0%
24.3%
23.2%
23.6%
20.9%
21.8%

4-7 yrs
15.7%
14.4%
13.5%
12.8%
12.0%
12.1%
11.7%
11.6%
11.6%
11.5%
11.5%
11.4%
11.6%
12.0%
12.0%
12.2%
12.7%
12.6%
12.4%
12.6%
13.0%
11.8%
10.1%
8.7%
7.0%
6.6%
6.6%
6.5%
6.6%
6.4%
6.0%
5.9%
6.2%
5.3%
5.0%
5.1%
5.5%
6.0%
6.1%
6.5%
7.0%
7.6%
8.9%
9.5%
10.4%
10.5%
10.4%
10.1%
10.8%
10.8%
10.4%
9.8%
10.9%
10.6%
10.7%
10.5%
11.4%

10-15 yrs
4.0%
3.9%
4.1%
4.2%
4.4%
4.5%
4.3%
4.3%
4.4%
4.5%
4.5%
4.6%
4.6%
5.2%
5.5%
5.4%
5.5%
4.8%
4.2%
4.3%
4.6%
4.7%
4.6%
4.8%
4.9%
4.9%
4.8%
5.1%
5.0%
5.0%
4.7%
4.7%
4.9%
4.3%
4.3%
4.1%
4.0%
4.2%
4.3%
4.4%
4.8%
5.6%
6.1%
6.2%
6.7%
6.0%
5.6%
5.3%
5.6%
5.7%
5.5%
5.1%
5.4%
5.5%
5.3%
5.2%
5.9%

Bonds
3.3%
3.3%
2.4%
2.5%
1.8%
1.8%
1.8%
1.8%
1.8%
1.9%
1.9%
1.9%
1.9%
1.8%
2.5%
2.4%
2.5%
2.5%
2.6%
2.7%
2.8%
3.0%
2.9%
3.1%
3.2%
3.0%
2.0%
2.1%
2.2%
1.8%
1.7%
1.7%
1.8%
1.6%
1.4%
0.4%
0.4%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0.0%
0.0%
0.8%
0.9%
1.6%
1.5%
1.2%
1.8%

TIPS
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.5%
1.2%
1.9%
2.6%
2.7%
2.9%
2.9%
2.9%
3.1%
3.1%
2.9%
2.8%
2.6%
2.1%
1.9%
1.7%
1.7%
1.7%
1.5%
1.4%
1.3%
1.2%
1.5%
1.6%
1.5%
1.5%
1.5%
1.6%
1.8%
2.3%
2.7%
3.4%
3.8%
4.6%
4.4%
4.0%
3.8%
4.1%
3.2%
3.3%
3.4%
3.5%

THE AVERAGE MATURITY OF TOTAL OUTSTANDING MARKETABLE DEBT AND
A 1-YEAR MOVING AVERAGE OF THE AVERAGE MATURITY OF ISSUANCE
Avg Mat Iss
Average Maturity
1-Yr Moving Average Total Outstanding
(months)
(months)
12/31/80
74
48
3/31/81
73
48
6/30/81
74
50
9/30/81
76
51
12/31/81
77
50
3/31/82
77
50
6/30/82
64
50
9/30/82
57
49
12/31/82
55
47
3/31/83
56
47
6/30/83
69
48
9/30/83
78
50
12/31/83
83
51
3/31/84
84
52
6/30/84
86
53
9/30/84
86
54
12/31/84
86
55
3/31/85
87
56
6/30/85
88
57
9/30/85
89
58
12/31/85
90
59
3/31/86
89
60
6/30/86
90
61
9/30/86
89
62
12/31/86
89
62
3/31/87
88
64
6/30/87
88
65
9/30/87
88
66
12/31/87
83
66
3/31/88
82
66
6/30/88
82
67
9/30/88
67
66
12/31/88
74
67
3/31/89
73
67
6/30/89
74
68
9/30/89
90
69
12/31/89
89
69
3/31/90
90
69
6/30/90
89
69
9/30/90
87
69
12/31/90
86
68
3/31/91
85
68
6/30/91
85
69
9/30/91
84
68
12/31/91
85
68
3/31/92
82
67
6/30/92
80
68
9/30/92
77
67
12/31/92
75
67
3/31/93
74
67
6/30/93
73
67
9/30/93
73
67
12/31/93
61
65
3/31/94
62
65
6/30/94
51
64
9/30/94
51
64
12/31/94
51
63
3/31/95
51
62
6/30/95
51
61
9/30/95
52
62
12/31/95
52
60
3/31/96
52
60
6/30/96
52
60
9/30/96
50
61
12/31/96
62
61
3/31/97
60
61
6/30/97
61
62
9/30/97
62
62
12/31/97
63
63
3/31/98
65
63
6/30/98
75
65
9/30/98
84
67
12/31/98
85
65
3/31/99
87
65
6/30/99
88
67
9/30/99
81
68
12/31/99
78
67
3/31/00
79
67
6/30/00
67
69
9/30/00
64
70
12/31/00
62
69
3/31/01
62
69
6/30/01
62
71
9/30/01
60
68
12/31/01
58
66
3/31/02
42
65
6/30/02
41
64
9/30/02
32
62
12/31/02
25
60
3/31/03
26
59
6/30/03
27
58
9/30/03
27
57
12/31/03
28
56
3/31/04
29
55
6/30/04
31
55
9/30/04
34
55
12/31/04
33
54
3/31/05
37
53
6/30/05
37
55
9/30/05
36
54
12/31/05
36
53
3/31/06
44
53
6/30/06
44
54
9/30/06
54
55
12/31/06
54
54
3/31/07
52
54
6/30/07
58
56
9/30/07
59
56
Projected
9/30/08
66
57
9/30/09
67
58
9/30/10
65
60
9/30/11
62
60
9/30/12
62
60

Distribution of Marketable Debt Outstanding
Bills
2-3 yrs
4-7 yrs
09/30/80
32.7%
20.3%
25.7%
09/30/81
32.4%
20.7%
26.3%
09/30/82
33.5%
21.3%
24.3%
09/30/83
33.1%
23.6%
22.2%
09/30/84
30.2%
25.5%
21.2%
09/30/85
28.1%
24.6%
22.1%
09/30/86
26.2%
23.4%
24.4%
09/30/87
22.6%
23.9%
25.1%
09/30/88
22.3%
22.2%
25.7%
09/30/89
21.6%
20.7%
25.6%
09/30/90
23.1%
20.1%
24.2%
09/30/91
23.8%
20.9%
23.3%
09/30/92
23.8%
21.2%
23.8%
09/30/93
22.8%
21.5%
24.8%
09/30/94
22.7%
21.7%
25.1%
09/30/95
22.7%
21.5%
25.9%
09/30/96
22.4%
21.5%
25.8%
09/30/97
20.5%
21.4%
25.7%
09/30/98
19.2%
19.7%
25.1%
09/30/99
20.3%
17.9%
22.2%
09/30/00
20.6%
16.2%
19.9%
09/30/01
25.2%
13.3%
16.8%
09/30/02
27.8%
18.2%
13.2%
09/30/03
26.5%
23.7%
11.5%
09/30/04
25.0%
24.4%
13.6%
09/30/05
22.6%
23.9%
15.9%
09/30/06
21.4%
21.5%
18.6%
09/30/07
20.8%
19.5%
19.8%
09/30/08
22.4%
16.2%
20.2%
09/30/09
23.1%
14.6%
19.2%
09/30/10
22.2%
13.5%
18.9%
09/30/11
20.9%
12.9%
19.0%
09/30/12
19.2%
12.0%
19.4%
Projected are hypothetical
Totals may not add due to rounding

10-15 yrs
7.6%
6.6%
8.4%
8.9%
9.8%
10.6%
10.6%
11.9%
13.0%
14.2%
14.4%
14.2%
13.8%
13.7%
13.9%
13.9%
14.4%
15.0%
15.9%
16.8%
18.2%
19.1%
17.4%
16.8%
16.9%
17.1%
16.7%
16.7%
17.5%
18.0%
19.3%
20.1%
21.1%

Bonds
13.7%
14.0%
12.5%
12.2%
13.4%
14.6%
15.4%
16.6%
16.8%
18.0%
18.2%
17.8%
17.3%
17.2%
16.6%
16.0%
16.0%
16.8%
18.4%
20.0%
21.2%
21.0%
19.0%
16.7%
14.4%
12.8%
12.6%
12.7%
12.5%
12.6%
12.9%
13.2%
13.7%

TIPS
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.7%
1.8%
2.9%
3.8%
4.6%
4.4%
4.8%
5.8%
7.5%
9.3%
10.4%
11.2%
12.5%
13.2%
14.0%
14.5%

Percentage of Debt maturing in 12-36 months

12/31/80
3/31/81
6/30/81
9/30/81
12/31/81
3/31/82
6/30/82
9/30/82
12/31/82
3/31/83
6/30/83
9/30/83
12/31/83
3/31/84
6/30/84
9/30/84
12/31/84
3/31/85
6/30/85
9/30/85
12/31/85
3/31/86
6/30/86
9/30/86
12/31/86
3/31/87
6/30/87
9/30/87
12/31/87
3/31/88
6/30/88
9/30/88
12/31/88
3/31/89
6/30/89
9/30/89
12/31/89
3/31/90
6/30/90
9/30/90
12/31/90
3/31/91
6/30/91
9/30/91
12/31/91
3/31/92
6/30/92
9/30/92
12/31/92
3/31/93

MATURE
in 12mos
47.7%
48.2%
47.1%
46.7%
47.2%
47.4%
46.5%
46.4%
47.6%
47.2%
46.3%
45.5%
45.7%
45.3%
44.4%
44.6%
43.6%
43.5%
42.8%
42.0%
42.0%
41.4%
40.7%
39.9%
39.7%
38.0%
37.3%
36.9%
37.1%
37.0%
36.2%
36.5%
37.3%
36.8%
35.6%
36.1%
36.6%
36.7%
36.4%
36.7%
37.1%
37.1%
36.5%
36.9%
37.1%
37.5%
36.9%
36.9%
37.4%
36.9%

in 24mos
63.0%
63.5%
62.1%
62.0%
62.2%
62.1%
62.1%
61.5%
63.1%
62.8%
62.4%
61.9%
61.0%
60.2%
59.5%
59.7%
59.5%
59.2%
58.2%
57.3%
56.8%
55.7%
55.5%
55.1%
55.0%
53.5%
52.7%
52.3%
52.3%
52.2%
51.4%
51.7%
51.9%
51.5%
50.6%
50.4%
50.5%
50.6%
50.7%
51.1%
51.8%
51.6%
50.8%
51.5%
52.0%
52.1%
51.7%
51.7%
51.7%
51.0%

in 36mos
70.3%
70.5%
69.7%
70.4%
70.8%
70.7%
70.8%
69.5%
70.4%
69.8%
69.4%
69.1%
68.8%
68.6%
67.6%
66.9%
66.4%
65.8%
65.4%
64.9%
64.5%
63.5%
63.1%
62.7%
62.7%
61.7%
60.9%
60.8%
60.8%
60.4%
59.7%
59.9%
59.9%
59.6%
59.1%
58.9%
59.0%
59.3%
59.1%
59.6%
60.5%
60.0%
59.5%
59.8%
59.9%
59.7%
59.0%
58.6%
58.2%
58.4%

6/30/93
36.7%
9/30/93
36.4%
12/31/93
37.2%
3/31/94
36.8%
6/30/94
35.9%
9/30/94
35.4%
12/31/94
36.2%
3/31/95
36.8%
6/30/95
37.4%
9/30/95
37.7%
12/31/95
38.8%
3/31/96
39.2%
6/30/96
38.2%
9/30/96
37.4%
12/31/96
37.3%
3/31/97
37.7%
6/30/97
36.4%
9/30/97
36.7%
12/31/97
37.2%
3/31/98
37.3%
6/30/98
35.9%
9/30/98
35.8%
12/31/98
36.8%
3/31/99
37.6%
6/30/99
36.3%
9/30/99
36.4%
12/31/99
38.2%
3/31/00
38.9%
6/30/00
37.2%
9/30/00
37.4%
12/31/00
38.8%
3/31/01
39.4%
6/30/01
37.3%
9/30/01
40.6%
12/31/01
41.2%
3/31/02
41.6%
6/30/02
40.5%
9/30/02
40.3%
12/31/02
40.9%
3/31/03
41.9%
6/30/03
42.0%
9/30/03
41.5%
12/31/03
41.8%
3/31/04
41.5%
6/30/04
40.2%
9/30/04
39.1%
12/31/04
38.9%
3/31/05
38.9%
6/30/05
36.7%
9/30/2005
36.7%
12/31/2005
38.2%
3/31/06
39.0%
6/30/06
36.5%
9/30/06
36.2%
12/31/2006
35.7%
3/31/07
36.4%
6/30/07
34.0%
9/30/2007
35.3%
9/30/2008
36.8%
9/30/2009
36.5%
9/30/2010
34.4%
9/30/2011
33.0%
9/30/2012
32.6%
Projected are hypothetical

50.4%
49.9%
50.3%
50.9%
51.1%
51.0%
52.2%
52.5%
52.9%
53.5%
53.7%
54.2%
53.7%
53.7%
53.7%
53.9%
52.9%
52.7%
52.8%
52.7%
51.6%
51.4%
52.1%
52.8%
51.9%
51.9%
53.5%
53.3%
51.6%
52.6%
52.7%
53.4%
51.7%
54.0%
55.0%
55.7%
56.2%
56.6%
58.4%
58.7%
58.7%
57.2%
56.6%
55.7%
54.9%
54.2%
54.4%
54.6%
52.4%
52.4%
52.0%
52.6%
50.7%
50.4%
50.1%
50.9%
48.9%
50.0%
50.9%
49.1%
46.7%
45.6%
45.3%

58.8%
58.7%
60.6%
60.6%
60.6%
60.9%
61.2%
62.4%
62.7%
63.6%
63.7%
63.6%
63.4%
63.1%
63.0%
63.1%
62.3%
61.7%
61.4%
60.9%
59.5%
59.2%
61.1%
61.1%
60.1%
60.8%
60.7%
61.2%
59.6%
59.8%
59.0%
58.4%
56.8%
58.4%
60.4%
60.4%
61.2%
61.1%
62.7%
63.0%
63.4%
62.6%
63.0%
62.9%
61.9%
61.6%
61.0%
61.6%
60.1%
59.9%
60.2%
61.1%
59.6%
59.7%
58.6%
59.4%
57.7%
57.8%
56.9%
54.8%
53.2%
53.1%
52.6%

Treasury Annual Net Marketable Borrowing
$ billions

FY 1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012

Bills
-64.3
15.4
-37.1
118.7
133.4
50.0
43.3
-47.3
-2.7
1
133
91
-6
-39
-88

Nominal Coupons
TIPS
Total
Bills &
2-under
Over 10
5 years 5-10 years years
Buybacks Total
5-10yr
20-30yr
Total
Coupons
-60.1
-52.9
34.3
0.0
-78.8
16.8
16.8
33.6
-109.4
-77.0
-103.3
33.3
0.0
-147.1
24.3
7.4
31.7
-100.0
-85.3
-100.9
12.8
-21.3
-194.6
11.3
7.4
18.7
-213.0
-104.6
-105.2
11.4
-33.8
-232.0
11.0
5.0
16.0
-97.3
218.5
-129.8
-7.7
-12.5
68.4
-2.9
5.0
2.1
203.9
269.0
8.9
-16.1
0.0
261.8
24.0
0.0
24.0
335.7
117.6
192.5
-24.9
0.0
285.2
40.0
11.0
51.0
379.5
57.7
161.6
-31.3
0.0
187.9
58.0
17.0
75.0
215.6
-23.6
142.0
14.0
0.0
132.4
53.6
20.0
73.6
203.2
-117
128
24
35
33
20
54
90
-95
158
27
90
37
19
56
279
-39
74
34
68
54
21
75
234
-32
106
35
109
25
19
43
146
-15
94
32
111
22
18
40
112
-45
77
29
61
3
16
18
-9

2007-2012 projected are hypothetical amounts
Totals may not add due to rounding.

FY 07 Deficit Estimates

$ billions
Primary Dealers*

CBO

OMB

161

177

205

Range based on average absolute forecast error

119-203

166-188

168-242

Estimates as of:

July 07

March 07

July 07

Current:

Note: Ranges based on errors from 2002-2006.

* Primary Dealers reflect average estimate.

Financing Need Given Current Issuance Pattern
$ billions, Fiscal Year

line

bar

Budget estimates
Plus average absolute error in OMB estimate
OMB FY2008 MSR--- Net Financing
Minus average absolute error in OMB estimate
Note: (+) Deficit, (-) Surplus

Estimated financing changes from current pattern
Plus average absolute error in OMB estimate
OMB FY2008 MSR--- Net Financing need
Minus average absolute error in OMB estimate

2007
198
99
0

2008
428
279
130

2009
436
232
32

2010
389
144
-101

2011
379
110
-159

103
4
-96

363
214
65

430
228
26

335
90
-155

263
-7
-275

note: (-) implies less financing required
(+) implies more financing required
Assumes current coupon issuance pattern and issuance amount--Weekly bill issuance at levels required to maintain outstanding
FY $ amounts nearly equal to September 30, 2006 total outstanding.
FY 2007 net financing is an internal Treasury estimate.
Average historical differences between estimates and actual deficit or surplus are from OMB's 2008 Budget Table 20-7.