The US Department of Treasury has revised its quarterly borrowing estimate to $189 billion.

The U.S. Treasury Department has raised its estimate for the size of federal borrowing this quarter, mainly due to lower net cash flow. The Treasury Department said in a statement on Monday that it now expects net borrowing from April to June to be $189 billion, an increase of $80 billion from its preliminary estimate of $109 billion in February. The estimate assumes a cash balance of $900 billion at the end of June, consistent with previous expectations. The Treasury Department said that excluding the impact of higher cash balances at the beginning of the quarter from its previous assumption, "borrowing for this quarter is estimated to be $122 billion higher than the level announced in February." For the period from July to September, the Treasury Department expects borrowing of $671 billion, with a target of achieving a cash balance of $950 billion at the end of September. Due to expectations of a large influx of tax revenues on April 15, the Treasury Department reduced the issuance of Treasury securities last month. Since then, it has begun to increase the auction size of the shortest-term Treasury securities, starting with the six-week term. The announcement by the Treasury Department comes two days before its so-called quarterly refunding statement is released.