Officials attributed the lower borrowing needs to higher receipts, which were offset somewhat by greater expenses.
Treasury said it expects to borrow $816 billion in the January-through-March period, which is the government's fiscal second quarter. That number appeared above Wall Street estimates, as JPMorgan said it was looking for $698 billion. The record for quarterly borrowing happened in the April-through-June stretch in 2020, when borrowing hit nearly $2.8 trillion during the early Covid days.
The Monday announcement comes 10 days after the government said the fiscal 2023 budget deficit would be about $1.7 trillion. That was an increase of some $320 billion from the prior year.
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