Jan 31 (Reuters) - The U.S. Treasury said on Monday it expects to borrow $729 billion in the first quarter, more than the November estimate of $476 billion, primarily due to a lower beginning-of-quarter balance.
The first-quarter estimate assumes an end-of-March cash balance of $650 billion.
The Treasury has been cutting debt auction sizes since February, after ramping up issuance in 2020 to pay for coronavirus-related spending.
It expects to borrow $66 billion in privately held net marketable debt in the April to June quarter, assuming an end-of-June cash balance of $700 billion.
The Treasury said it issued $689 billion in net debt in the fourth quarter of 2021, ending the three-month period with a cash balance of $406 billion. (Reporting by Karen Brettell in New York Editing by Matthew Lewis)
