The U.S. Treasury forecasts that it will pay down $35 billion of debt in the second quarter of 2013.
In February, it estimated that it would need to borrow $103 billion over the same time period.
Via Bloomberg’s Meera Louis, the Treasury cited changes in cash balances, higher tax receipts, and lower outlays (spending) as reasons for paying down the debt. If the projections play out, it will be the first time since 2007 that the U.S. government has paid down debt during a quarter instead of adding to it.
For the third quarter, though, the Treasury estimates it will have to borrow $223 billion.
In the first quarter, it borrowed $349 billion.