US Treasury expects to borrow $329 billion in third quarter

The U.S. Treasury said on Monday it expects to borrow $56 billion more during the third quarter than previously estimated.

The department said in a statement it expects to issue $329 billion through credit markets during the July-September period, assuming an end-September balance of $350 billion.

The borrowing estimate for the third quarter is the highest since the same period in 2010 and fourth largest on record for the July-September quarter, according to a senior Treasury official.

Treasury also expects to issue $440 billion in net marketable debt in the October-December period. In the second quarter, Treasury borrowed $72 billion through credit markets.

Additional details of Treasury’s quarterly refunding will be announced at 0830 EDT (1230 GMT) on Wednesday.

Reporting by Lindsay Dunsmuir; Editing by Andrea Ricci