Treasury Financing Requirements 

(Projected) (Actuals) 

Deficit Funding (Def + / Surplus -) 29 42 

Means of Financing

Change in Cash Balance -35 -50 

Net Non-Marketable Financing -4 -8 Other* -6 -5 Net Marketable Financing 73 105 

Net Marketable Financing 73 105 

Bills 89Nominal Notes -13TIPS 15Bonds 14

Notes:

Starting Cash Balance 25 25 

Ending Cash Balance 60 75 

* Includes direct loan activity, changes in accrued interest, checks outstanding, minor miscellaneous transactions, discount and inflation accretion on Treasuries.Note: Totals may not add due to rounding.

 July - September 2007
Marketable Treasury Coupon Flows 

Date

Maturing Coupon 

Securities 

(Excluding SOMA 

holdings)

Coupon 

Payments

November 15, 2007 52 21 November 30, 2007 19 3 December 15, 2007 0 1December 31, 2007 20 4 January 15, 2008 19 10 January 31, 2008 22 3 February 15, 2008 54 26 February 29, 2008 22 4 
FY 2006 FY 2007 FY 2008

Date Total Date Total Date Total

10/3/2005 14.7 10/2/2006 52.8 10/1/2007 64.9

10/4/2005 9.5 10/3/2006 26.7 10/2/2007 63.8

10/5/2005 11.6 10/4/2006 27.5 10/3/2007 46.4

10/6/2005 19.1 10/5/2006 20.6 10/4/2007 28.7

10/7/2005 15.2 10/6/2006 18.7 10/5/2007 25.0

10/11/2005 15.4 10/10/2006 20.6 10/8/2007 28.7

10/12/2005 7.8 10/11/2006 11.9 10/9/2007 28.1

10/13/2005 10.0 10/12/2006 11.7 10/10/2007 16.3

10/14/2005 9.2 10/13/2006 10.4 10/11/2007 9.0

10/17/2005 29.3 10/16/2006 12.5 10/12/2007 8.6

10/18/2005 27.1 10/17/2006 12.2 10/15/2007 23.5

10/19/2005 26.9 10/18/2006 14.9 10/16/2007 27.3

10/20/2005 30.9 10/19/2006 24.0 10/17/2007 24.5

10/21/2005 29.4 10/20/2006 22.8 10/18/2007 17.1

10/24/2005 30.6 10/21/2006 27.0 10/19/2007 17.4

10/25/2005 27.3 10/24/2006 26.0 10/22/2007 22.1

10/26/2005 24.6 10/25/2006 24.3 10/23/2007 21.0

10/27/2005 34.1 10/26/2006 32.8 10/24/2007 16.0

10/28/2005 41.4 10/27/2006 33.6

10/31/2005 40.7 10/30/2006 37.0

11/1/2005 24.1 10/31/2006 57.3

11/2/2005 27.5 11/1/2006 39.9

11/3/2005 14.7 11/2/2006 52.9

11/4/2005 12.4 11/3/2006 32.1

11/7/2005 12.4 11/6/2006 34.0

11/8/2005 8.3 11/7/2006 28.8

11/9/2005 9.3 11/8/2006 26.1

11/10/2005 18.0 11/9/2006 35.7

11/11/2005 18.0 11/10/2006 36.6

11/14/2005 24.1 11/13/2006 40.9

11/15/2005 4.5 11/14/2006 38.2

11/16/2005 7.2 11/15/2006 5.2

11/17/2005 18.0 11/16/2006 15.6

11/18/2005 16.5 11/17/2006 12.6

11/21/2005 17.9 11/20/2006 14.2

11/22/2005 12.6 11/21/2006 10.2

11/23/2005 4.7 11/22/2006 6.3

11/24/2005 4.7 11/23/2006 6.3

11/25/2005 12.1 11/24/2006 18.0

11/28/2005 14.2 11/27/2006 20.2

11/29/2005 10.5 11/28/2006 14.5

11/30/2005 6.0 11/29/2006 17.4

12/1/2005 16.1 11/30/2006 20.9

12/2/2005 11.8 12/1/2006 5.6

12/5/2005 10.4 12/4/2006 7.6

12/6/2005 5.3 12/5/2006 13.2

12/7/2005 7.8 12/6/2006 16.0

12/8/2005 10.4 12/7/2006 10.9

12/9/2005 10.1 12/8/2006 11.2

12/12/2005 15.3 12/11/2006 15.7

12/13/2005 8.5 12/12/2006 12.4

12/14/2005 12.5 12/13/2006 11.3

12/15/2005 35.7 12/14/2006 5.2

12/16/2005 43.8 12/15/2006 45.3

12/19/2005 48.1 12/18/2006 59.2

12/20/2005 46.3 12/19/2006 57.1

12/21/2005 46.9 12/20/2006 59.7

12/22/2005 35.4 12/21/2006 44.2

12/23/2005 43.4 12/22/2006 47.3

12/27/2005 49.0 12/26/2006 54.5

12/28/2005 42.7 12/27/2006 47.4

12/29/2005 38.5 12/28/2006 32.9

12/30/2005 36.6 12/29/2006 30.7

1/2/2006 36.6 1/1/2007 30.7

1/3/2006 18.3 1/2/2007 40.0

1/4/2006 18.4 1/3/2007 20.5

1/5/2006 13.0 1/4/2007 13.6

1/6/2006 14.2 1/5/2007 14.0

1/9/2006 18.3 1/8/2007 18.9

1/10/2006 16.9 1/9/2007 19.9

1/11/2006 14.6 1/10/2007 16.9

1/12/2006 6.3 1/11/2007 13.3

1/13/2006 7.0 1/12/2007 12.7

1/17/2006 32.2 1/16/2007 20.9

1/18/2006 38.1 1/17/2007 29.4
1/19/2006 41.2 1/18/2007 30.2

1/20/2006 44.1 1/19/2007 34.8

1/23/2006 53.6 1/22/2007 48.1

1/24/2006 60.1 1/23/2007 59.2

1/25/2006 60.3 1/24/2007 61.3

1/26/2006 62.3 1/25/2007 58.0

1/27/2006 57.3 1/26/2007 51.0

1/30/2006 62.6 1/29/2007 62.5

1/31/2006 68.9 1/30/2007 59.4

2/1/2006 55.3 1/31/2007 83.8

2/2/2006 65.7 2/1/2007 66.2

2/3/2006 36.7 2/2/2007 37.6

2/6/2006 38.6 2/5/2007 40.9

2/7/2006 33.3 2/6/2007 37.2

2/8/2006 30.1 2/7/2007 40.5

2/9/2006 35.0 2/8/2007 48.2

2/10/2006 12.0 2/9/2007 26.0

2/13/2006 15.6 2/12/2007 29.2

2/14/2006 13.7 2/13/2007 25.0

2/15/2006 17.6 2/14/2007 23.4

2/16/2006 32.9 2/15/2007 14.7

2/17/2006 11.7 2/16/2007 6.0

2/20/2006 11.7 2/19/2007 6.0

2/21/2006 17.3 2/20/2007 13.8

2/22/2006 9.2 2/21/2007 7.6

2/23/2006 21.0 2/22/2007 22.4

2/24/2006 5.4 2/23/2007 6.9

2/27/2006 10.4 2/26/2007 12.3

2/28/2006 18.1 2/27/2007 9.1

3/1/2006 5.5 2/28/2007 11.5

3/2/2006 12.0 3/1/2007 16.2

3/3/2006 7.7 3/2/2007 6.0

3/6/2006 11.1 3/5/2007 11.0

3/7/2006 6.7 3/6/2007 9.5

3/8/2006 10.7 3/7/2007 12.9

3/9/2006 17.1 3/8/2007 21.2

3/10/2006 7.0 3/9/2007 9.5

3/13/2006 13.5 3/12/2007 15.5

3/14/2006 10.5 3/13/2007 11.3

3/15/2006 15.4 3/14/2007 13.2

3/16/2006 31.8 3/15/2007 32.5

3/17/2006 24.0 3/16/2007 35.1

3/20/2006 28.2 3/19/2007 39.2

3/21/2006 25.1 3/20/2007 36.1

3/22/2006 22.2 3/21/2007 34.4

3/23/2006 29.0 3/22/2007 31.5

3/24/2006 20.7 3/23/2007 22.9

3/27/2006 25.3 3/26/2007 26.2

3/28/2006 20.4 3/27/2007 20.5

3/29/2006 21.9 3/28/2007 14.9

3/30/2006 17.6 3/29/2007 9.9

3/31/2006 8.2 3/30/2007 6.0

4/3/2006 9.5 4/2/2007 13.7

4/4/2006 7.1 4/3/2007 6.1

4/5/2006 8.8 4/4/2007 8.5

4/6/2006 7.5 4/5/2007 13.1

4/7/2006 9.0 4/6/2007 6.5

4/10/2006 11.9 4/9/2007 9.1

4/11/2006 11.5 4/10/2007 7.9

4/12/2006 10.5 4/11/2007 9.9

4/13/2006 9.5 4/12/2007 3.8

4/14/2006 13.7 4/13/2007 11.9

4/17/2006 13.2 4/16/2007 9.5

4/18/2006 30.2 4/17/2007 28.9

4/19/2006 38.6 4/18/2007 24.0

4/20/2006 18.3 4/19/2007 11.2

4/21/2006 21.2 4/20/2007 15.1

4/24/2006 36.9 4/23/2007 33.7

4/25/2006 69.3 4/24/2007 77.3

4/26/2006 77.7 4/25/2007 92.9

4/27/2006 61.0 4/26/2007 81.8

4/28/2006 79.0 4/27/2007 88.8

5/1/2006 84.0 4/30/2007 123.7

5/2/2006 100.2 5/1/2007 116.7

5/3/2006 88.8 5/2/2007 123.6

5/4/2006 80.3 5/3/2007 83.7

5/5/2006 79.2 5/4/2007 83.3
5/8/2006 83.0 5/7/2007 85.0

5/9/2006 77.4 5/8/2007 79.8

5/10/2006 73.8 5/9/2007 75.8

5/11/2006 64.7 5/10/2007 62.4

5/12/2006 64.4 5/11/2007 60.8

5/15/2006 24.6 5/14/2007 65.2

5/16/2006 28.3 5/15/2007 23.4

5/17/2006 24.5 5/16/2007 26.5

5/18/2006 24.5 5/17/2007 21.5

5/19/2006 23.3 5/18/2007 20.1

5/22/2006 26.7 5/21/2007 23.7

5/23/2006 22.5 5/22/2007 19.4

5/24/2006 18.2 5/23/2007 14.8

5/25/2006 14.9 5/24/2007 13.8

5/26/2006 15.5 5/25/2007 13.8

5/29/2006 15.5 5/28/2007 13.8

5/30/2006 18.8 5/29/2007 20.1

5/31/2006 28.1 5/30/2007 16.9

6/1/2006 8.8 5/31/2007 26.1

6/2/2006 7.1 6/1/2007 7.9

6/5/2006 7.4 6/4/2007 10.5

6/6/2006 11.3 6/5/2007 16.9

6/7/2006 15.2 6/6/2007 21.6

6/8/2006 9.6 6/7/2007 12.7

6/9/2006 11.0 6/8/2007 13.4

6/12/2006 16.9 6/11/2007 18.4

6/13/2006 18.2 6/12/2007 18.4

6/14/2006 23.3 6/13/2007 17.6

6/15/2006 34.1 6/14/2007 8.6

6/16/2006 42.0 6/15/2007 30.1

6/19/2006 49.4 6/18/2007 45.2

6/20/2006 60.3 6/19/2007 59.6

6/21/2006 63.9 6/20/2007 65.1

6/22/2006 49.5 6/21/2007 48.5

6/23/2006 52.1 6/22/2007 53.2

6/26/2006 58.4 6/25/2007 60.2

6/27/2006 56.0 6/26/2007 58.9

6/28/2006 53.5 6/27/2007 56.2

6/29/2006 49.7 6/28/2007 43.8

6/30/2006 45.8 6/29/2007 25.2

7/3/2006 20.4 7/2/2007 33.3

7/5/2006 17.8 7/3/2007 8.2

7/6/2006 17.3 7/5/2007 10.4

7/7/2006 16.1 7/6/2007 9.4

7/10/2006 19.7 7/9/2007 13.4

7/11/2006 16.3 7/10/2007 9.6

7/12/2006 13.8 7/11/2007 7.4

7/13/2006 15.9 7/12/2007 6.4

7/14/2006 15.2 7/13/2007 4.7

7/17/2006 14.6 7/16/2007 23.3

7/18/2006 12.4 7/17/2007 20.4

7/19/2006 12.4 7/18/2007 18.7

7/20/2006 12.7 7/19/2007 20.7

7/21/2006 12.3 7/20/2007 20.3

7/24/2006 16.5 7/23/2007 25.2

7/25/2006 12.9 7/24/2007 21.9

7/26/2006 10.2 7/25/2007 18.3

7/27/2006 13.3 7/26/2007 27.7

7/28/2006 12.6 7/27/2007 27.1

7/31/2006 37.7 7/30/2007 31.0

8/1/2006 14.1 7/31/2007 47.3

8/2/2006 18.7 8/1/2007 26.6

8/3/2006 5.4 8/2/2007 49.0

8/4/2006 6.5 8/3/2007 30.5

8/7/2006 9.7 8/6/2007 33.9

8/8/2006 6.3 8/7/2007 28.9

8/9/2006 3.3 8/8/2007 25.4

8/10/2006 8.5 8/9/2007 48.4

8/11/2006 6.2 8/10/2007 45.8

8/14/2006 10.3 8/13/2007 49.6

8/15/2006 3.9 8/14/2007 47.6

8/16/2006 8.1 8/15/2007 11.2

8/17/2006 15.4 8/16/2007 13.0

8/18/2006 17.4 8/17/2007 13.5

8/21/2006 22.8 8/20/2007 18.4

8/22/2006 19.8 8/21/2007 15.2

8/23/2006 16.5 8/22/2007 14.2

8/24/2006 12.9 8/23/2007 15.8

8/25/2006 10.7 8/24/2007 13.3

8/28/2006 14.7 8/27/2007 17.2

8/29/2006 12.5 8/28/2007 11.2

8/30/2006 13.6 8/29/2007 14.4
8/31/2006 16.4 8/30/2007 19.2

9/1/2006 4.5 8/31/2007 9.4

9/4/2006 4.5 9/4/2007 8.6

9/5/2006 8.7 9/5/2007 6.0

9/6/2006 6.4 9/6/2007 11.4

9/7/2006 7.7 9/7/2007 8.5

9/8/2006 6.1 9/10/2007 11.3

9/11/2006 9.9 9/11/2007 9.8

9/12/2006 9.3 9/12/2007 8.7

9/13/2006 8.2 9/13/2007 8.3

9/14/2006 6.8 9/14/2007 20.2

9/15/2006 41.3 9/17/2007 80.5

9/18/2006 56.4 9/18/2007 90.9

9/19/2006 70.3 9/19/2007 93.6

9/20/2006 75.8 9/20/2007 78.0

9/21/2006 63.5 9/21/2007 83.1

9/22/2006 65.4 9/24/2007 92.5

9/25/2006 71.6 9/25/2007 92.8

9/26/2006 71.1 9/26/2007 90.2

9/27/2006 69.7 9/27/2007 68.0

9/28/2006 52.6 9/28/2007 75.2

9/29/2006 52.1
$ billions

Bills 2-under 5 years 5-10 years over 10 years Buybacks 5-10 years 20-30 years Totals

Fiscal Year Quarters

2002 1Q 76.4 65.7 -84.7 -1.8 -8.5 0.0 5.0 52.1

2Q 23.2 26.6 2.7 -6.0 0.0 6.0 0.0 52.5

3Q -11.9 49.3 -18.3 0.0 -4.0 0.0 0.0 15.1

4Q 45.8 76.9 -29.6 0.0 0.0 -8.9 0.0 84.2

2003 1Q 20.5 68.6 -9.3 -4.2 0.0 7.0 0.0 82.6

2Q 66.3 59.6 -17.5 -3.0 0.0 6.0 0.0 111.3

3Q -27.3 78.1 12.8 -3.2 0.0 0.0 0.0 60.3

4Q -9.6 62.7 23.0 -5.6 0.0 11.0 0.0 81.5

2004 1Q 10.6 44.1 62.2 -12.5 0.0 9.0 0.0 113.4

2Q 56.2 30.9 46.7 0.0 0.0 12.0 0.0 145.9

3Q -38.2 25.8 43.0 -8.4 0.0 9.0 0.0 31.3

4Q 14.7 16.7 40.6 -4.0 0.0 10.0 11.0 89.0

2005 1Q 41.7 20.4 27.2 -12.5 0.0 21.0 0.0 97.8

2Q 55.9 12.5 57.0 -2.3 0.0 10.0 11.0 144.2

3Q -135.7 17.5 28.9 -7.2 0.0 18.0 0.0 -78.5

4Q -9.2 7.3 48.4 -9.3 0.0 9.0 6.0 52.3

2006 1Q 49.6 10.1 21.9 -4.1 0.0 15.0 0.0 92.5

2Q 78.2 -5.4 54.3 10.1 0.0 9.0 11.8 158.0

3Q -125.3 -14.0 31.6 -3.5 0.0 19.0 0.0 -92.1

4Q -5.2 -14.4 34.1 11.6 0.0 10.6 8.2 45.0

2007 1Q 32.7 -21.5 16.2 -4.0 0.0 18.6 0.0 41.9

2Q 88.9 -30.2 56.8 9.8 0.0 -8.8 9.2 125.7

3Q -164.0 -33.8 36.3 6.8 0.0 16.1 0.0 -138.7

4Q 89.0 -37.7 24.8 13.8 0.0 8.0 7.3 105.2

Totals may not add due to rounding.

Nominals TIPS

Treasury Quarterly Net Marketable Borrowing 
Fiscal Year $ billions

Quarter Savings Bonds Foreign Series State and Local Govt. Series Total

I 02 1.9 -1.0 -0.1 0.8

II -0.4 0.2 -5.2 -5.5

III -1.1 -0.7 1.7 -0.1

IV -1.4 -0.8 1.5 -0.7

I 03 -0.2 -1.3 9.1 7.6

II 0.1 -1.5 -1.0 -2.4

III 0.5 -0.6 -8.3 -8.4

IV 0.4 -0.7 7.9 7.6

I 04 0.5 -0.5 0.8 0.8

II -1.2 -0.8 6.5 4.5

III -1.5 -0.3 5.8 3.9

IV -2.1 -0.6 -3.3 -6.0

I 05 -1.4 0.0 2.5 1.1

II -1.9 0.2 18.3 16.6

III -1.7 -1.6 27.7 24.4

IV -2.3 0.1 18.5 16.3

I 06 -0.2 0.7 10.3 10.7

II -1.1 -0.4 -0.7 -2.2

III -2.7 -0.4 7.2 4.1

IV -3.6 0.0 -3.2 -6.8

I 07 -3.1 0.0 18.8 15.7

II -3.8 0.5 24.3 21.0

III -3.5 -0.5 19.7 15.7

IV -3.4 0.0 -5.1 -8.5

Treasury Quarterly Net Borrowing From NonMarketable Issues 
Percentage Breakdown of Quarterly Issuance

ISSUE 

Bills 2-3 yrs 4-7 yrs 10-15 yrs Bonds TIPS

12/31/80 61.2% 20.5% 10.8% 4.6% 2.8% 0.0%

3/31/81 61.6% 20.0% 10.7% 4.7% 3.0% 0.0%

6/30/81 61.2% 19.6% 11.7% 4.1% 3.4% 0.0%

9/30/81 61.0% 19.2% 12.6% 3.3% 3.9% 0.0%

12/31/81 62.7% 19.3% 11.3% 2.7% 4.0% 0.0%

3/31/82 61.3% 21.4% 10.5% 2.6% 4.1% 0.0%

6/30/82 61.2% 22.8% 9.7% 3.3% 3.0% 0.0%

9/30/82 61.0% 21.6% 11.5% 3.5% 2.4% 0.0%

12/31/82 61.3% 22.1% 11.0% 3.6% 2.1% 0.0%

3/31/83 60.0% 22.4% 11.4% 3.8% 2.4% 0.0%

6/30/83 58.0% 22.5% 12.4% 3.6% 3.5% 0.0%

9/30/83 58.1% 23.0% 10.8% 3.6% 4.4% 0.0%

12/31/83 56.4% 23.0% 11.7% 3.8% 5.1% 0.0%

3/31/84 56.4% 22.9% 11.5% 3.9% 5.3% 0.0%

6/30/84 54.8% 23.6% 11.9% 4.1% 5.6% 0.0%

9/30/84 56.4% 23.3% 10.7% 3.9% 5.6% 0.0%

12/31/84 56.2% 22.6% 11.7% 3.8% 5.6% 0.0%

3/31/85 56.4% 22.4% 11.6% 3.8% 5.7% 0.0%

6/30/85 55.6% 22.7% 11.9% 3.9% 5.9% 0.0%

9/30/85 54.9% 22.9% 11.9% 4.1% 6.1% 0.0%

12/31/85 55.1% 22.8% 11.8% 4.1% 6.2% 0.0%

3/31/86 54.4% 22.9% 12.0% 4.3% 6.4% 0.0%

6/30/86 54.3% 23.1% 12.0% 4.6% 6.1% 0.0%

9/30/86 54.0% 23.0% 12.7% 4.7% 5.6% 0.0%

12/31/86 54.6% 23.3% 11.9% 5.0% 5.2% 0.0%

3/31/87 53.0% 24.5% 12.3% 5.3% 4.9% 0.0%

6/30/87 51.8% 25.2% 12.7% 5.4% 5.0% 0.0%

9/30/87 53.5% 24.7% 11.7% 5.2% 4.9% 0.0%

12/31/87 54.4% 24.0% 12.3% 5.1% 4.2% 0.0%

3/31/88 53.8% 24.2% 12.7% 5.1% 4.3% 0.0%

6/30/88 52.8% 24.8% 12.8% 5.2% 4.4% 0.0%

9/30/88 53.9% 24.3% 13.4% 5.3% 3.0% 0.0%

12/31/88 54.7% 24.1% 12.3% 5.3% 3.6% 0.0%

3/31/89 54.6% 24.0% 12.4% 5.3% 3.6% 0.0%

6/30/89 53.5% 24.4% 12.8% 5.5% 3.8% 0.0%

9/30/89 52.3% 24.3% 13.0% 5.3% 5.1% 0.0%

12/31/89 53.0% 24.1% 12.6% 5.2% 5.0% 0.0%

3/31/90 53.3% 24.1% 12.4% 5.2% 5.0% 0.0%

6/30/90 53.8% 24.0% 12.2% 5.1% 4.9% 0.0%

9/30/90 54.9% 23.8% 11.7% 4.9% 4.7% 0.0%

12/31/90 57.1% 22.8% 11.1% 4.6% 4.4% 0.0%

3/31/91 56.3% 23.4% 11.3% 4.6% 4.4% 0.0%

6/30/91 53.8% 24.4% 12.4% 4.8% 4.6% 0.0%

9/30/91 54.6% 23.3% 12.9% 4.7% 4.5% 0.0%

12/31/91 54.3% 23.1% 13.5% 4.6% 4.5% 0.0%

3/31/92 53.7% 23.2% 14.3% 4.5% 4.3% 0.0%

6/30/92 54.5% 22.9% 14.4% 4.3% 4.0% 0.0%

9/30/92 54.6% 23.1% 14.5% 4.1% 3.7% 0.0%

12/31/92 55.3% 22.7% 14.6% 3.9% 3.5% 0.0%

3/31/93 53.8% 23.3% 15.4% 4.0% 3.5% 0.0%
ISSUE 

Bills 2-3 yrs 4-7 yrs 10-15 yrs Bonds TIPS

6/30/93 53.4% 23.6% 15.7% 4.0% 3.3% 0.0%

9/30/93 55.3% 23.0% 14.4% 3.9% 3.3% 0.0%

12/31/93 56.7% 23.3% 13.5% 4.1% 2.4% 0.0%

3/31/94 56.5% 24.0% 12.8% 4.2% 2.5% 0.0%

6/30/94 57.1% 24.6% 12.0% 4.4% 1.8% 0.0%

9/30/94 56.3% 25.2% 12.1% 4.5% 1.8% 0.0%

12/31/94 57.5% 24.6% 11.7% 4.3% 1.8% 0.0%

3/31/95 57.9% 24.4% 11.6% 4.3% 1.8% 0.0%

6/30/95 57.9% 24.3% 11.6% 4.4% 1.8% 0.0%

9/30/95 57.6% 24.5% 11.5% 4.5% 1.9% 0.0%

12/31/95 58.0% 24.1% 11.5% 4.5% 1.9% 0.0%

3/31/96 58.4% 23.7% 11.4% 4.6% 1.9% 0.0%

6/30/96 57.7% 24.2% 11.6% 4.6% 1.9% 0.0%

9/30/96 56.5% 24.6% 12.0% 5.2% 1.8% 0.0%

12/31/96 55.7% 24.4% 12.0% 5.5% 2.5% 0.0%

3/31/97 55.0% 24.6% 12.2% 5.4% 2.4% 0.5%

6/30/97 53.3% 24.9% 12.7% 5.5% 2.5% 1.2%

9/30/97 54.2% 24.0% 12.6% 4.8% 2.5% 1.9%

12/31/97 55.0% 23.3% 12.4% 4.2% 2.6% 2.6%

3/31/98 54.8% 22.8% 12.6% 4.3% 2.7% 2.7%

6/30/98 54.4% 22.4% 13.0% 4.6% 2.8% 2.9%

9/30/98 55.6% 22.0% 11.8% 4.7% 3.0% 2.9%

12/31/98 58.7% 20.9% 10.1% 4.6% 2.9% 2.9%

3/31/99 58.6% 21.8% 8.7% 4.8% 3.1% 3.1%

6/30/99 59.5% 22.3% 7.0% 4.9% 3.2% 3.1%

9/30/99 60.9% 21.7% 6.6% 4.9% 3.0% 2.9%

12/31/99 62.6% 21.2% 6.6% 4.8% 2.0% 2.8%

3/31/00 62.6% 21.2% 6.5% 5.1% 2.1% 2.6%

6/30/00 62.7% 21.4% 6.6% 5.0% 2.2% 2.1%

9/30/00 64.0% 20.9% 6.4% 5.0% 1.8% 1.9%

12/31/00 66.4% 19.5% 6.0% 4.7% 1.7% 1.7%

3/31/01 67.0% 18.9% 5.9% 4.7% 1.7% 1.7%

6/30/01 66.5% 18.9% 6.2% 4.9% 1.8% 1.7%

9/30/01 69.5% 17.8% 5.3% 4.3% 1.6% 1.5%

12/31/01 68.9% 19.1% 5.0% 4.3% 1.4% 1.4%

3/31/02 67.0% 22.1% 5.1% 4.1% 0.4% 1.3%

6/30/02 63.2% 25.7% 5.5% 4.0% 0.4% 1.2%

9/30/02 61.5% 26.8% 6.0% 4.2% 0% 1.5%

12/31/02 60.9% 27.1% 6.1% 4.3% 0% 1.6%

3/31/03 61.5% 26.1% 6.5% 4.4% 0% 1.5%

6/30/03 59.4% 27.2% 7.0% 4.8% 0% 1.5%

9/30/03 57.6% 27.7% 7.6% 5.6% 0% 1.5%

12/31/03 55.5% 28.0% 8.9% 6.1% 0% 1.6%

3/31/04 55.1% 27.4% 9.5% 6.2% 0% 1.8%

6/30/04 52.9% 27.8% 10.4% 6.7% 0% 2.3%

9/30/04 54.1% 26.7% 10.5% 6.0% 0% 2.7%

12/31/04 54.5% 26.1% 10.4% 5.6% 0% 3.4%

3/31/05 55.6% 25.2% 10.1% 5.3% 0% 3.8%

6/30/05 52.4% 26.6% 10.8% 5.6% 0% 4.6%

9/30/05 52.9% 26.3% 10.8% 5.7% 0.0% 4.4%

12/31/05 56.4% 23.7% 10.4% 5.5% 0.0% 4.0%

3/31/06 57.4% 23.0% 9.8% 5.1% 0.8% 3.8%

6/30/06 54.4% 24.3% 10.9% 5.4% 0.9% 4.1%

9/30/06 54.7% 23.2% 10.6% 5.5% 1.6% 3.2%

12/31/06 54.5% 23.6% 10.7% 5.3% 1.5% 3.3%

3/31/07 57.8% 20.9% 10.5% 5.2% 1.2% 3.4%

6/30/07 54.5% 21.8% 11.4% 5.9% 1.8% 3.5%

9/30/07 56.3% 20.1% 11.7% 5.9% 1.8% 3.2%
THE AVERAGE MATURITY OF TOTAL OUTSTANDING MARKETABLE DEBT AND 

A 1-YEAR MOVING AVERAGE OF THE AVERAGE MATURITY OF ISSUANCE

Avg Mat Iss Average Maturity 

1-Yr Moving Average Total Outstanding

(months) (months)

12/31/80 74 48

3/31/81 73 48

6/30/81 74 50

9/30/81 76 51

12/31/81 77 50

3/31/82 77 50

6/30/82 64 50

9/30/82 57 49

12/31/82 55 47

3/31/83 56 47

6/30/83 69 48

9/30/83 78 50

12/31/83 83 51

3/31/84 84 52

6/30/84 86 53

9/30/84 86 54

12/31/84 86 55

3/31/85 87 56

6/30/85 88 57

9/30/85 89 58

12/31/85 90 59

3/31/86 89 60

6/30/86 90 61

9/30/86 89 62

12/31/86 89 62

3/31/87 88 64

6/30/87 88 65

9/30/87 88 66

12/31/87 83 66

3/31/88 82 66

6/30/88 82 67

9/30/88 67 66

12/31/88 74 67

3/31/89 73 67

6/30/89 74 68

9/30/89 90 69

12/31/89 89 69

3/31/90 90 69

6/30/90 89 69

9/30/90 87 69

12/31/90 86 68

3/31/91 85 68

6/30/91 85 69

9/30/91 84 68

12/31/91 85 68

3/31/92 82 67

6/30/92 80 68

9/30/92 77 67

12/31/92 75 67

3/31/93 74 67

6/30/93 73 67

9/30/93 73 67

12/31/93 61 65

3/31/94 62 65

6/30/94 51 64

9/30/94 51 64

12/31/94 51 63

3/31/95 51 62

6/30/95 51 61

9/30/95 52 62

12/31/95 52 60

3/31/96 52 60

6/30/96 52 60

9/30/96 50 61

12/31/96 62 61

3/31/97 60 61

6/30/97 61 62

9/30/97 62 62

12/31/97 63 63

3/31/98 65 63

6/30/98 75 65

9/30/98 84 67

12/31/98 85 65

3/31/99 87 65

6/30/99 88 67

9/30/99 81 68

12/31/99 78 67

3/31/00 79 67

6/30/00 67 69

9/30/00 64 70

12/31/00 62 69

3/31/01 62 69

6/30/01 62 71

9/30/01 60 68

12/31/01 58 66

3/31/02 42 65

6/30/02 41 64

9/30/02 32 62

12/31/02 25 60

3/31/03 26 59

6/30/03 27 58

9/30/03 27 57

12/31/03 28 56

3/31/04 29 55

6/30/04 31 55

9/30/04 34 55

12/31/04 33 54

3/31/05 37 53

6/30/05 37 55

9/30/05 36 54

12/31/05 36 53

3/31/06 44 53

6/30/06 44 54

9/30/06 54 55

12/31/06 54 54

3/31/07 52 54

6/30/07 58 56

9/30/07 59 56

9/30/08 69 57 Projected

9/30/09 67 58

9/30/10 65 60

9/30/11 61 60

9/30/12 61 60
Distribution of Marketable Debt Outstanding

Bills 2-3 yrs 4-7 yrs 10-15 yrs Bonds TIPS

09/30/80 32.7% 20.3% 25.7% 7.6% 13.7% 0.0%

09/30/81 32.4% 20.7% 26.3% 6.6% 14.0% 0.0%

09/30/82 33.5% 21.3% 24.3% 8.4% 12.5% 0.0%

09/30/83 33.1% 23.6% 22.2% 8.9% 12.2% 0.0%

09/30/84 30.2% 25.5% 21.2% 9.8% 13.4% 0.0%

09/30/85 28.1% 24.6% 22.1% 10.6% 14.6% 0.0%

09/30/86 26.2% 23.4% 24.4% 10.6% 15.4% 0.0%

09/30/87 22.6% 23.9% 25.1% 11.9% 16.6% 0.0%

09/30/88 22.3% 22.2% 25.7% 13.0% 16.8% 0.0%

09/30/89 21.6% 20.7% 25.6% 14.2% 18.0% 0.0%

09/30/90 23.1% 20.1% 24.2% 14.4% 18.2% 0.0%

09/30/91 23.8% 20.9% 23.3% 14.2% 17.8% 0.0%

09/30/92 23.8% 21.2% 23.8% 13.8% 17.3% 0.0%

09/30/93 22.8% 21.5% 24.8% 13.7% 17.2% 0.0%

09/30/94 22.7% 21.7% 25.1% 13.9% 16.6% 0.0%

09/30/95 22.7% 21.5% 25.9% 13.9% 16.0% 0.0%

09/30/96 22.4% 21.5% 25.8% 14.4% 16.0% 0.0%

09/30/97 20.5% 21.4% 25.7% 15.0% 16.8% 0.7%

09/30/98 19.2% 19.7% 25.1% 15.9% 18.4% 1.8%

09/30/99 20.3% 17.9% 22.2% 16.8% 20.0% 2.9%

09/30/00 20.6% 16.2% 19.9% 18.2% 21.2% 3.8%

09/30/01 25.2% 13.3% 16.8% 19.1% 21.0% 4.6%

09/30/02 27.8% 18.2% 13.2% 17.4% 19.0% 4.4%

09/30/03 26.5% 23.7% 11.5% 16.8% 16.7% 4.8%

09/30/04 25.0% 24.4% 13.6% 16.9% 14.4% 5.8%

09/30/05 22.6% 23.9% 15.9% 17.1% 12.8% 7.5%

09/30/06 21.4% 21.5% 18.6% 16.7% 12.6% 9.3%

09/30/07 21.7% 18.1% 20.4% 16.7% 12.7% 10.4%

09/30/08 22.4% 16.6% 20.1% 17.4% 12.5% 11.0%

09/30/09 22.6% 15.7% 19.3% 17.8% 12.5% 12.1%

09/30/10 21.7% 14.9% 19.0% 18.9% 12.8% 12.7%

09/30/11 20.6% 14.3% 19.1% 19.6% 13.1% 13.3%

09/30/12 18.9% 13.4% 19.6% 20.6% 13.6% 13.8%

Projected are hypothetical

Totals may not add due to rounding
Percentage of Debt maturing in 12-36 months

MATURE in 

12mos in 24mos in 36mos

12/31/80 47.7% 63.0% 70.3%

3/31/81 48.2% 63.5% 70.5%

6/30/81 47.1% 62.1% 69.7%

9/30/81 46.7% 62.0% 70.4%

12/31/81 47.2% 62.2% 70.8%

3/31/82 47.4% 62.1% 70.7%

6/30/82 46.5% 62.1% 70.8%

9/30/82 46.4% 61.5% 69.5%

12/31/82 47.6% 63.1% 70.4%

3/31/83 47.2% 62.8% 69.8%

6/30/83 46.3% 62.4% 69.4%

9/30/83 45.5% 61.9% 69.1%

12/31/83 45.7% 61.0% 68.8%

3/31/84 45.3% 60.2% 68.6%

6/30/84 44.4% 59.5% 67.6%

9/30/84 44.6% 59.7% 66.9%

12/31/84 43.6% 59.5% 66.4%

3/31/85 43.5% 59.2% 65.8%

6/30/85 42.8% 58.2% 65.4%

9/30/85 42.0% 57.3% 64.9%

12/31/85 42.0% 56.8% 64.5%

3/31/86 41.4% 55.7% 63.5%

6/30/86 40.7% 55.5% 63.1%

9/30/86 39.9% 55.1% 62.7%

12/31/86 39.7% 55.0% 62.7%

3/31/87 38.0% 53.5% 61.7%

6/30/87 37.3% 52.7% 60.9%

9/30/87 36.9% 52.3% 60.8%

12/31/87 37.1% 52.3% 60.8%

3/31/88 37.0% 52.2% 60.4%

6/30/88 36.2% 51.4% 59.7%

9/30/88 36.5% 51.7% 59.9%

12/31/88 37.3% 51.9% 59.9%

3/31/89 36.8% 51.5% 59.6%

6/30/89 35.6% 50.6% 59.1%

9/30/89 36.1% 50.4% 58.9%

12/31/89 36.6% 50.5% 59.0%

3/31/90 36.7% 50.6% 59.3%

6/30/90 36.4% 50.7% 59.1%

9/30/90 36.7% 51.1% 59.6%

12/31/90 37.1% 51.8% 60.5%

3/31/91 37.1% 51.6% 60.0%

6/30/91 36.5% 50.8% 59.5%

9/30/91 36.9% 51.5% 59.8%

12/31/91 37.1% 52.0% 59.9%

3/31/92 37.5% 52.1% 59.7%

6/30/92 36.9% 51.7% 59.0%

9/30/92 36.9% 51.7% 58.6%

12/31/92 37.4% 51.7% 58.2%

3/31/93 36.9% 51.0% 58.4%
6/30/93 36.7% 50.4% 58.8%

9/30/93 36.4% 49.9% 58.7%

12/31/93 37.2% 50.3% 60.6%

3/31/94 36.8% 50.9% 60.6%

6/30/94 35.9% 51.1% 60.6%

9/30/94 35.4% 51.0% 60.9%

12/31/94 36.2% 52.2% 61.2%

3/31/95 36.8% 52.5% 62.4%

6/30/95 37.4% 52.9% 62.7%

9/30/95 37.7% 53.5% 63.6%

12/31/95 38.8% 53.7% 63.7%

3/31/96 39.2% 54.2% 63.6%

6/30/96 38.2% 53.7% 63.4%

9/30/96 37.4% 53.7% 63.1%

12/31/96 37.3% 53.7% 63.0%

3/31/97 37.7% 53.9% 63.1%

6/30/97 36.4% 52.9% 62.3%

9/30/97 36.7% 52.7% 61.7%

12/31/97 37.2% 52.8% 61.4%

3/31/98 37.3% 52.7% 60.9%

6/30/98 35.9% 51.6% 59.5%

9/30/98 35.8% 51.4% 59.2%

12/31/98 36.8% 52.1% 61.1%

3/31/99 37.6% 52.8% 61.1%

6/30/99 36.3% 51.9% 60.1%

9/30/99 36.4% 51.9% 60.8%

12/31/99 38.2% 53.5% 60.7%

3/31/00 38.9% 53.3% 61.2%

6/30/00 37.2% 51.6% 59.6%

9/30/00 37.4% 52.6% 59.8%

12/31/00 38.8% 52.7% 59.0%

3/31/01 39.4% 53.4% 58.4%

6/30/01 37.3% 51.7% 56.8%

9/30/01 40.6% 54.0% 58.4%

12/31/01 41.2% 55.0% 60.4%

3/31/02 41.6% 55.7% 60.4%

6/30/02 40.5% 56.2% 61.2%

9/30/02 40.3% 56.6% 61.1%

12/31/02 40.9% 58.4% 62.7%

3/31/03 41.9% 58.7% 63.0%

6/30/03 42.0% 58.7% 63.4%

9/30/03 41.5% 57.2% 62.6%

12/31/03 41.8% 56.6% 63.0%

3/31/04 41.5% 55.7% 62.9%

6/30/04 40.2% 54.9% 61.9%

9/30/04 39.1% 54.2% 61.6%

12/31/04 38.9% 54.4% 61.0%

3/31/05 38.9% 54.6% 61.6%

6/30/05 36.7% 52.4% 60.1%

9/30/05 36.7% 52.4% 59.9%

12/31/05 38.2% 52.0% 60.2%

3/31/06 39.0% 52.6% 61.1%

6/30/06 36.5% 50.7% 59.6%

9/30/06 36.2% 50.4% 59.7%

12/31/06 35.7% 50.1% 58.6%

3/31/07 36.4% 50.9% 59.4%

6/30/07 34.0% 48.9% 57.7%

9/30/07 35.7% 50.6% 58.3%

9/30/2008 36.7% 51.3% 57.3%

9/30/2009 36.5% 49.7% 55.4%

9/30/2010 34.5% 47.7% 53.8%

9/30/2011 33.5% 46.3% 53.8%

9/30/2012 32.6% 46.1% 53.4%

Projected are hypothetical
$ billions Total 

Bills

2-under 

5 years 5-10 years

Over 10 

years Buybacks Total 5-10yr 20-30yr Total

Bills & 

Coupons

FY 1998 -64.3 -60.1 -52.9 34.3 0.0 -78.8 16.8 16.8 33.6 -109.4

1999 15.4 -77.0 -103.3 33.3 0.0 -147.1 24.3 7.4 31.7 -100.0

2000 -37.1 -85.3 -100.9 12.8 -21.3 -194.6 11.3 7.4 18.7 -213.0

2001 118.7 -104.6 -105.2 11.4 -33.8 -232.0 11.0 5.0 16.0 -97.3

2002 133.4 218.5 -129.8 -7.7 -12.5 68.4 -2.9 5.0 2.1 203.9

2003 50.0 269.0 8.9 -16.1 0.0 261.8 24.0 0.0 24.0 335.7

2004 43.3 117.6 192.5 -24.9 0.0 285.2 40.0 11.0 51.0 379.5

2005 -47.3 57.7 161.6 -31.3 0.0 187.9 58.0 17.0 75.0 215.6

2006 -2.7 -23.6 142.0 14.0 0.0 132.4 53.6 20.0 73.6 203.2

2007 46.6 -123.1 134.0 26.4 0.0 37.3 33.9 16.5 50.4 134.2

2008 90 -72 149 22 0.0 100 32 18 50 240

2009 65 -3 72 34 0.0 103 46 20 66 234

2010 -10 -16 102 34 0.0 120 18 18 36 146

2011 -30 -14 93 32 0.0 110 16 17 33 112

2012 -84 -44 76 28 0.0 60 -2 15 13 -11

2008-2012 projected are hypothetical amounts

Totals may not add due to rounding.

Nominal Coupons TIPS

Treasury Annual Net Marketable Borrowing
STATE & LOCAL SERIES--ISSUES, REDEMPTIONS AND

END OF QUARTER $billions

CY Gross Issues Redemptions Top Panel

1987 1Q 11.4 3.4

2Q 10.6 3.7

3Q 6.8 4.3

4Q 13.0 2.7

1988 1Q 7.8 4.3

2Q 7.0 2.7

3Q 5.0 4.3

4Q 7.9 4.0

1989 1Q 6.7 3.8

2Q 5.5 3.9

3Q 9.1 6.6

4Q 10.6 5.9

1990 1Q 7.0 6.7

2Q 7.2 6.5

3Q 5.9 8.9

4Q 5.9 6.3

1991 1Q 5.4 6.8

2Q 7.7 6.1

3Q 8.1 11.0

4Q 7.7 6.1

1992 1Q 8.1 10.0

2Q 10.8 6.7

3Q 8.3 12.6

4Q 5.5 9.5

1993 1Q 7.6 9.6

2Q 7.8 6.7

3Q 6.5 9.9

4Q 8.2 8.2

1994 1Q 7.2 11.1

2Q 4.5 6.6

3Q 2.8 8.8

4Q 2.2 7.0

1995 1Q 2.8 12.5

2Q 5.5 7.2

3Q 6.5 14.3

4Q 2.4 11.3

1996 1Q 0.0 8.0

2Q 6.5 5.1

3Q 7.3 9.5

4Q 11.0 5.4

1997 1Q 8.9 5.4

2Q 9.6 6.5

3Q 14.5 10.6

4Q 21.3 9.0

1998 1Q 23.5 8.4

2Q 25.8 10.0

3Q 21.6 12.1

4Q 10.5 9.8

1999 1Q 11.2 8.9

2Q 13.1 8.0

3Q 8.8 13.3

4Q 6.5 8.9

2000 1Q 4.6 8.4

2Q 8.3 10.0

3Q 5.0 12.3

4Q 8.1 10.4

2001 1Q 14.6 12.8

2Q 15.0 14.7

3Q 13.8 20.6

4Q 19.1 19.2

2002 1Q 14.3 19.5

2Q 18.6 16.9

3Q 26.8 25.2

4Q 35.1 26.0

2003 1Q 18.7 23.3

2Q 9.8 18.1

3Q 33.3 25.5

4Q 33.0 32.2

2004 1Q 30.2 23.7

2Q 41.2 35.5

3Q 29.3 32.5

4Q 23.9 21.4

2005 1Q 37.3 19.0

2Q 52.8 25.0

3Q 39.0 20.4

4Q 27.7 17.4

2006 1Q 14.3 15.0

2Q 21.4 14.2

3Q 16.1 19.3

4Q 35.5 16.7

2007 1Q 40.4 16.1

2Q 40.2 20.5

3Q 19.0 24.1
CY Net SLGs Bottom Panel

1987 1Q 8.0

2Q 7.0

3Q 2.6

4Q 10.3

1988 1Q 3.5

2Q 4.2

3Q 0.6

4Q 3.9

1989 1Q 2.9

2Q 1.6

3Q 2.6

4Q 4.7

1990 1Q 0.3

2Q 0.8

3Q -3.0

4Q -0.4

1991 1Q -1.4

2Q 1.6

3Q -2.9

4Q 1.6

1992 1Q -1.9

2Q 4.1

3Q -4.3

4Q -4.0

1993 1Q -1.9

2Q 1.2

3Q -3.4

4Q 0.0

1994 1Q -3.9

2Q -2.1

3Q -6.0

4Q -4.8

1995 1Q -9.7

2Q -1.8

3Q -7.8

4Q -8.9

1996 1Q -8.0

2Q 1.4

3Q -2.2

4Q 5.6

1997 1Q 3.5

2Q 3.1

3Q 3.9

4Q 12.3

1998 1Q 15.1

2Q 15.8

3Q 9.5

4Q 0.7

1999 1Q 2.3

2Q 5.1

3Q -4.5

4Q -2.4

2000 1Q -3.8

2Q -1.7

3Q -7.3

4Q -2.3

2001 1Q 1.8

2Q 0.3

3Q -6.8

4Q -0.1

2002 1Q -5.2

2Q 1.7

3Q 1.6

4Q 9.1

2003 1Q -4.6

2Q -8.3

3Q 7.9

4Q 0.8

2004 1Q 6.5

2Q 5.8

3Q -3.3

4Q 2.5

2005 1Q 18.3

2Q 27.7

3Q 18.5

4Q 10.3

2006 1Q -0.7

2Q 7.2

3Q -3.2

4Q 18.8

2007 1Q 24.3

2Q 19.7

3Q -5.1
FY 08 Deficit Estimates 

Primary Dealers* CBO 

Current: 203 155 Range based on average absolute forecast error 119-287 78-232 Estimates as of: October 07 August 07 

Note: Ranges based on errors from 2003-2007.

* Primary Dealers reflect average estimate.
Financing Need Given Current Issuance Pattern

$ billions, Fiscal Year

Budget estimates 2008 2009 2010 2011 2012

line Plus average absolute error in OMB estimate 338 381 346 355 258

OMB FY2008 MSR--- Net Financing 239 232 144 110 -11

Minus average absolute error in OMB estimate 140 83 -58 -135 -280

Note: (+) Deficit, (-) Surplus

Estimated financing changes from current pattern

bar Plus average absolute error in OMB estimate 260 363 297 243 147

OMB FY2008 MSR--- Net Financing need 161 214 95 -2 -122

Minus average absolute error in OMB estimate 62 65 -107 -247 -391

note: (-) implies less financing required

 (+) implies more financing required 

Assumes current coupon issuance pattern and issuance amount--Weekly bill issuance at levels required to maintain outstanding

FY $ amounts nearly equal to September 30, 2007 total outstanding.

FY 2008 net financing is an internal Treasury estimate.

Average historical differences between estimates and actual deficit or surplus are from OMB's 2008 Budget Table 20-7.