($ billions)

Issued Matured

SOMA 

Activity * 

Net Cash 

Raised Issued Matured

Bills $3,095.5 $2,993.2 ($148.7) $102.4 $2,700.7 $2,743.1 Nominal coupons $584.6 $479.2 ($4.8) $105.4 $506.6 $470.2 

TIPS $47.3 $21.8 $2.9 $25.5 $55.2 $20.1 Total $3,727.4 $3,494.2 ($150.6) $233.3 $3,262.4 $3,233.4 

* Note: Negative SOMA activity represents redemptions. Positive SOMA activity represents additional issuance of securities, made possible b

 securities with the same settlement date; these are offsetting transactions and are net cash neutral.

Treasury Marketable Financing

October 1, 2007 - June 30, 2008 October 1, 200

FY 2008 FY 
Marketable Treasury Coupon Flows 

Date

Maturing Coupon 

Securities 

(Excluding SOMA 

holdings)

Coupon 

Payments

July 31, 2008 20 3 August 15, 2008 43 26 August 31, 2008 22 4 September 15, 2008 15 1 September 30, 2008 19 4 October 15, 2008 15 3 October 31, 2008 20 4 November 15, 2008 55 20 November 30, 2008 20 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 10/25/2007 15.8

10/31/2005 40.7 10/30/2006 37.0 10/26/2007 14.8

11/1/2005 24.1 10/31/2006 57.3 10/29/2007 20.0

11/2/2005 27.5 11/1/2006 39.9 10/30/2007 15.1

11/3/2005 14.7 11/2/2006 52.9 10/31/2007 38.0

11/4/2005 12.4 11/3/2006 32.1 11/1/2007 32.8

11/7/2005 12.4 11/6/2006 34.0 11/2/2007 11.3

11/8/2005 8.3 11/7/2006 28.8 11/5/2007 12.5

11/9/2005 9.3 11/8/2006 26.1 11/6/2007 7.8

11/10/2005 18.0 11/9/2006 35.7 11/7/2007 10.5

11/11/2005 18.0 11/10/2006 36.6 11/8/2007 28.3

11/14/2005 24.1 11/13/2006 40.9 11/9/2007 27.9

11/15/2005 4.5 11/14/2006 38.2 11/12/2007 27.9

11/16/2005 7.2 11/15/2006 5.2 11/13/2007 30.1

11/17/2005 18.0 11/16/2006 15.6 11/14/2007 23.6

11/18/2005 16.5 11/17/2006 12.6 11/15/2007 7.6

11/21/2005 17.9 11/20/2006 14.2 11/16/2007 11.2

11/22/2005 12.6 11/21/2006 10.2 11/19/2007 13.3

11/23/2005 4.7 11/22/2006 6.3 11/20/2007 9.4

11/24/2005 4.7 11/23/2006 6.3 11/21/2007 5.7

11/25/2005 12.1 11/24/2006 18.0 11/22/2007 5.7

11/28/2005 14.2 11/27/2006 20.2 11/23/2007 14.3

11/29/2005 10.5 11/28/2006 14.5 11/26/2007 17.0

11/30/2005 6.0 11/29/2006 17.4 11/27/2007 12.1

12/1/2005 16.1 11/30/2006 20.9 11/28/2007 5.8

12/2/2005 11.8 12/1/2006 5.6 11/29/2007 15.7

12/5/2005 10.4 12/4/2006 7.6 11/30/2007 8.5

12/6/2005 5.3 12/5/2006 13.2 12/3/2007 12.8

12/7/2005 7.8 12/6/2006 16.0 12/4/2007 7.5

12/8/2005 10.4 12/7/2006 10.9 12/5/2007 9.1

12/9/2005 10.1 12/8/2006 11.2 12/6/2007 8.4

12/12/2005 15.3 12/11/2006 15.7 12/7/2007 7.8

12/13/2005 8.5 12/12/2006 12.4 12/10/2007 12.0

12/14/2005 12.5 12/13/2006 11.3 12/11/2007 7.6

12/15/2005 35.7 12/14/2006 5.2 12/12/2007 11.2

12/16/2005 43.8 12/15/2006 45.3 12/13/2007 5.0

12/19/2005 48.1 12/18/2006 59.2 12/14/2007 13.4

12/20/2005 46.3 12/19/2006 57.1 12/17/2007 68.1

12/21/2005 46.9 12/20/2006 59.7 12/18/2007 65.6

12/22/2005 35.4 12/21/2006 44.2 12/19/2007 64.9

12/23/2005 43.4 12/22/2006 47.3 12/20/2007 49.0

12/27/2005 49.0 12/26/2006 54.5 12/21/2007 50.0

12/28/2005 42.7 12/27/2006 47.4 12/24/2007 62.3

12/29/2005 38.5 12/28/2006 32.9 12/25/2007 62.3

12/30/2005 36.6 12/29/2006 30.7 12/26/2007 56.1

1/2/2006 36.6 1/1/2007 30.7 12/27/2007 35.3

1/3/2006 18.3 1/2/2007 40.0 12/28/2007 37.3

1/4/2006 18.4 1/3/2007 20.5 12/31/2007 57.0

1/5/2006 13.0 1/4/2007 13.6 1/1/2008 57.0

1/6/2006 14.2 1/5/2007 14.0 1/2/2008 45.9

1/9/2006 18.3 1/8/2007 18.9 1/3/2008 9.6

1/10/2006 16.9 1/9/2007 19.9 1/4/2008 11.5

1/11/2006 14.6 1/10/2007 16.9 1/7/2008 15.3

1/12/2006 6.3 1/11/2007 13.3 1/8/2008 14.9

1/13/2006 7.0 1/12/2007 12.7 1/9/2008 11.9

1/17/2006 32.2 1/16/2007 20.9 1/10/2008 8.0

1/18/2006 38.1 1/17/2007 29.4 1/11/2008 8.0

1/19/2006 41.2 1/18/2007 30.2 1/14/2008 16.2

1/20/2006 44.1 1/19/2007 34.8 1/15/2008 10.3

1/23/2006 53.6 1/22/2007 48.1 1/16/2008 17.9

1/24/2006 60.1 1/23/2007 59.2 1/17/2008 8.4

1/25/2006 60.3 1/24/2007 61.3 1/18/2008 17.4

1/26/2006 62.3 1/25/2007 58.0 1/21/2008 17.4

1/27/2006 57.3 1/26/2007 51.0 1/22/2008 33.0

1/30/2006 62.6 1/29/2007 62.5 1/23/2008 44.3

1/31/2006 68.9 1/30/2007 59.4 1/24/2008 45.6
2/1/2006 55.3 1/31/2007 83.8 1/25/2008 37.8

2/2/2006 65.7 2/1/2007 66.2 1/28/2008 44.2

2/3/2006 36.7 2/2/2007 37.6 1/29/2008 41.8

2/6/2006 38.6 2/5/2007 40.9 1/30/2008 44.8

2/7/2006 33.3 2/6/2007 37.2 1/31/2008 70.3

2/8/2006 30.1 2/7/2007 40.5 2/1/2008 22.3

2/9/2006 35.0 2/8/2007 48.2 2/4/2008 29.2

2/10/2006 12.0 2/9/2007 26.0 2/5/2008 23.7

2/13/2006 15.6 2/12/2007 29.2 2/6/2008 27.1

2/14/2006 13.7 2/13/2007 25.0 2/7/2008 40.8

2/15/2006 17.6 2/14/2007 23.4 2/8/2008 20.8

2/16/2006 32.9 2/15/2007 14.7 2/11/2008 22.7

2/17/2006 11.7 2/16/2007 6.0 2/12/2008 18.7

2/20/2006 11.7 2/19/2007 6.0 2/13/2008 12.8

2/21/2006 17.3 2/20/2007 13.8 2/14/2008 55.4

2/22/2006 9.2 2/21/2007 7.6 2/15/2008 3.1

2/23/2006 21.0 2/22/2007 22.4 2/18/2008 3.1

2/24/2006 5.4 2/23/2007 6.9 2/19/2008 17.5

2/27/2006 10.4 2/26/2007 12.3 2/20/2008 7.0

2/28/2006 18.1 2/27/2007 9.1 2/21/2008 29.6

3/1/2006 5.5 2/28/2007 11.5 2/22/2008 10.6

3/2/2006 12.0 3/1/2007 16.2 2/25/2008 16.2

3/3/2006 7.7 3/2/2007 6.0 2/26/2008 7.9

3/6/2006 11.1 3/5/2007 11.0 2/27/2008 11.9

3/7/2006 6.7 3/6/2007 9.5 2/28/2008 22.4

3/8/2006 10.7 3/7/2007 12.9 2/29/2008 11.0

3/9/2006 17.1 3/8/2007 21.2 3/3/2008 25.9

3/10/2006 7.0 3/9/2007 9.5 3/4/2008 21.1

3/13/2006 13.5 3/12/2007 15.5 3/5/2008 23.0

3/14/2006 10.5 3/13/2007 11.3 3/6/2008 32.5

3/15/2006 15.4 3/14/2007 13.2 3/7/2008 20.4

3/16/2006 31.8 3/15/2007 32.5 3/10/2008 25.2

3/17/2006 24.0 3/16/2007 35.1 3/11/2008 20.8

3/20/2006 28.2 3/19/2007 39.2 3/12/2008 16.0

3/21/2006 25.1 3/20/2007 36.1 3/13/2008 20.8

3/22/2006 22.2 3/21/2007 34.4 3/14/2008 21.5

3/23/2006 29.0 3/22/2007 31.5 3/17/2008 34.9

3/24/2006 20.7 3/23/2007 22.9 3/18/2008 31.1

3/27/2006 25.3 3/26/2007 26.2 3/19/2008 27.8

3/28/2006 20.4 3/27/2007 20.5 3/20/2008 29.7

3/29/2006 21.9 3/28/2007 14.9 3/21/2008 21.6

3/30/2006 17.6 3/29/2007 9.9 3/24/2008 24.4

3/31/2006 8.2 3/30/2007 6.0 3/25/2008 19.0

4/3/2006 9.5 4/2/2007 13.7 3/26/2008 14.1

4/4/2006 7.1 4/3/2007 6.1 3/27/2008 24.8

4/5/2006 8.8 4/4/2007 8.5 3/28/2008 19.8

4/6/2006 7.5 4/5/2007 13.1 3/31/2008 46.1

4/7/2006 9.0 4/6/2007 6.5 4/1/2008 48.4

4/10/2006 11.9 4/9/2007 9.1 4/2/2008 51.4

4/11/2006 11.5 4/10/2007 7.9 4/3/2008 14.4

4/12/2006 10.5 4/11/2007 9.9 4/4/2008 8.2

4/13/2006 9.5 4/12/2007 3.8 4/7/2008 10.8

4/14/2006 13.7 4/13/2007 11.9 4/8/2008 8.7

4/17/2006 13.2 4/16/2007 9.5 4/9/2008 3.7

4/18/2006 30.2 4/17/2007 28.9 4/10/2008 4.7

4/19/2006 38.6 4/18/2007 24.0 4/11/2008 3.9

4/20/2006 18.3 4/19/2007 11.2 4/14/2008 16.0

4/21/2006 21.2 4/20/2007 15.1 4/15/2008 21.4

4/24/2006 36.9 4/23/2007 33.7 4/16/2008 20.3

4/25/2006 69.3 4/24/2007 77.3 4/17/2008 13.1

4/26/2006 77.7 4/25/2007 92.9 4/18/2008 16.8

4/27/2006 61.0 4/26/2007 81.8 4/21/2008 16.0

4/28/2006 79.0 4/27/2007 88.8 4/22/2008 34.8

5/1/2006 84.0 4/30/2007 123.7 4/23/2008 49.7

5/2/2006 100.2 5/1/2007 116.7 4/24/2008 53.6

5/3/2006 88.8 5/2/2007 123.6 4/25/2008 59.4

5/4/2006 80.3 5/3/2007 83.7 4/28/2008 79.3

5/5/2006 79.2 5/4/2007 83.3 4/29/2008 98.2
5/8/2006 83.0 5/7/2007 85.0 4/30/2008 140.7

5/9/2006 77.4 5/8/2007 79.8 5/1/2008 102.6

5/10/2006 73.8 5/9/2007 75.8 5/2/2008 74.9

5/11/2006 64.7 5/10/2007 62.4 5/5/2008 75.0

5/12/2006 64.4 5/11/2007 60.8 5/6/2008 69.1

5/15/2006 24.6 5/14/2007 65.2 5/7/2008 70.3

5/16/2006 28.3 5/15/2007 23.4 5/8/2008 64.5

5/17/2006 24.5 5/16/2007 26.5 5/9/2008 48.7

5/18/2006 24.5 5/17/2007 21.5 5/12/2008 52.1

5/19/2006 23.3 5/18/2007 20.1 5/13/2008 46.4

5/22/2006 26.7 5/21/2007 23.7 5/14/2008 40.7

5/23/2006 22.5 5/22/2007 19.4 5/15/2008 7.7

5/24/2006 18.2 5/23/2007 14.8 5/16/2008 4.7

5/25/2006 14.9 5/24/2007 13.8 5/19/2008 6.5

5/26/2006 15.5 5/25/2007 13.8 5/20/2008 18.4

5/29/2006 15.5 5/28/2007 13.8 5/21/2008 14.1

5/30/2006 18.8 5/29/2007 20.1 5/22/2008 23.5

5/31/2006 28.1 5/30/2007 16.9 5/23/2008 22.6

6/1/2006 8.8 5/31/2007 26.1 5/26/2008 22.6

6/2/2006 7.1 6/1/2007 7.9 5/27/2008 26.7

6/5/2006 7.4 6/4/2007 10.5 5/28/2008 14.7

6/6/2006 11.3 6/5/2007 16.9 5/29/2008 18.7

6/7/2006 15.2 6/6/2007 21.6 5/30/2008 13.9

6/8/2006 9.6 6/7/2007 12.7 6/2/2008 34.2

6/9/2006 11.0 6/8/2007 13.4 6/3/2008 7.2

6/12/2006 16.9 6/11/2007 18.4 6/4/2008 7.6

6/13/2006 18.2 6/12/2007 18.4 6/5/2008 8.6

6/14/2006 23.3 6/13/2007 17.6 6/6/2008 6.4

6/15/2006 34.1 6/14/2007 8.6 6/9/2008 9.7

6/16/2006 42.0 6/15/2007 30.1 6/10/2008 5.8

6/19/2006 49.4 6/18/2007 45.2 6/11/2008 23.8

6/20/2006 60.3 6/19/2007 59.6 6/12/2008 4.6

6/21/2006 63.9 6/20/2007 65.1 6/13/2008 10.7

6/22/2006 49.5 6/21/2007 48.5 6/16/2008 41.6

6/23/2006 52.1 6/22/2007 53.2 6/17/2008 47.7

6/26/2006 58.4 6/25/2007 60.2 6/18/2008 48.0

6/27/2006 56.0 6/26/2007 58.9 6/19/2008 17.9

6/28/2006 53.5 6/27/2007 56.2 6/20/2008 24.9

6/29/2006 49.7 6/28/2007 43.8 6/23/2008 38.2

6/30/2006 45.8 6/29/2007 25.2 6/24/2008 35.8

7/3/2006 20.4 7/2/2007 33.3 6/25/2008 30.4

7/5/2006 17.8 7/3/2007 8.2 6/26/2008 21.3

7/6/2006 17.3 7/5/2007 10.4 6/27/2008 20.2

7/7/2006 16.1 7/6/2007 9.4 6/30/2008 53.3

7/10/2006 19.7 7/9/2007 13.4 7/1/2008 16.2

7/11/2006 16.3 7/10/2007 9.6 7/2/2008 16.5

7/12/2006 13.8 7/11/2007 7.4 7/3/2008 13.7

7/13/2006 15.9 7/12/2007 6.4 7/4/2008 13.7

7/14/2006 15.2 7/13/2007 4.7 7/7/2008 18.6

7/17/2006 14.6 7/16/2007 23.3 7/8/2008 11.9

7/18/2006 12.4 7/17/2007 20.4 7/9/2008 4.6

7/19/2006 12.4 7/18/2007 18.7 7/10/2008 9.1

7/20/2006 12.7 7/19/2007 20.7 7/11/2008 5.9

7/21/2006 12.3 7/20/2007 20.3 7/14/2008 5.3

7/24/2006 16.5 7/23/2007 25.2 7/15/2008 6.0

7/25/2006 12.9 7/24/2007 21.9 7/16/2008 6.4

7/26/2006 10.2 7/25/2007 18.3 7/17/2008 8.8

7/27/2006 13.3 7/26/2007 27.7 7/18/2008 9.9

7/28/2006 12.6 7/27/2007 27.1 7/21/2008 14.8

7/31/2006 37.7 7/30/2007 31.0 7/22/2008 18.7

8/1/2006 14.1 7/31/2007 47.3 7/23/2008 17.8

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

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

Fiscal Year Quarters

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

2008 1Q 45.8 -60.2 90.7 -2.6 0.0 13.2 0.0 86.8

2Q 154.5 -16.6 42.2 13.3 0.0 -11.4 9.0 191.0

3Q -97.9 -7.6 37.0 9.2 0.0 14.7 0.0 -44.6

Note: Includes SOMA redemptions.

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

I 08 -2.4 0.0 -3.3 -5.7

II -2.8 1.9 -6.9 -7.8

III -2.2 -1.8 -11.1 -15.1

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

EOQ

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%

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

3/31/93 53.8% 23.3% 15.4% 4.0% 3.5%
EOQ

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%

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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 71.2% 16.8% 5.0% 4.1% 1.5% 1.4%

12/31/01 72.1% 17.2% 4.5% 3.8% 1.3% 1.2%

3/31/02 70.2% 19.9% 4.6% 3.7% 0.4% 1.2%

6/30/02 67.6% 22.6% 4.8% 3.5% 0.4% 1.1%

9/30/02 66.4% 23.4% 5.3% 3.6% 0% 1.3%

12/31/02 65.0% 24.3% 5.5% 3.8% 0% 1.4%

3/31/03 65.4% 23.5% 5.8% 4.0% 0% 1.3%

6/30/03 63.4% 24.6% 6.3% 4.4% 0% 1.3%

9/30/03 61.7% 25.0% 6.9% 5.1% 0% 1.4%

12/31/03 59.8% 25.3% 8.0% 5.5% 0% 1.4%

3/31/04 58.7% 25.2% 8.8% 5.7% 0% 1.6%

6/30/04 57.2% 25.2% 9.4% 6.1% 0% 2.1%

9/30/04 59.2% 23.7% 9.4% 5.3% 0% 1.9%

12/31/04 58.6% 23.8% 9.4% 5.1% 0% 2.5%

3/31/05 59.0% 23.3% 9.3% 4.9% 0% 2.4%

6/30/05 56.0% 24.6% 10.0% 5.2% 0% 3.1%

9/30/05 57.2% 23.9% 9.8% 5.1% 0.0% 3.1%

12/31/05 60.6% 21.4% 9.4% 5.0% 0.0% 2.7%

3/31/06 60.7% 21.3% 9.1% 4.7% 0.8% 2.6%

6/30/06 58.1% 22.3% 10.0% 4.9% 0.8% 2.8%

9/30/06 60.1% 20.5% 9.3% 4.8% 1.4% 2.8%

12/31/06 59.1% 21.2% 9.6% 4.7% 1.4% 3.0%

3/31/07 61.6% 19.0% 9.6% 4.7% 1.1% 3.1%

6/30/07 58.6% 19.9% 10.4% 5.3% 1.6% 3.2%

9/30/07 61.6% 17.7% 10.2% 5.2% 1.6% 2.8%

12/31/07 61.7% 17.4% 10.7% 5.3% 1.6% 2.5%

3/31/08 63.0% 16.4% 10.4% 5.4% 1.7% 2.3%

6/30/08 60.0% 17.6% 11.5% 6.0% 1.8% 2.3%
THE AVERAGE MATURITY OF TOTAL OUTSTANDING MARKETABLE DEBT AN

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

12/31/07 65 55

3/31/08 66 55

6/30/08 67 56 Actual

9/30/08 64 56 Projected

9/30/09 58 54 Projected

9/30/10 56 55 Projected

9/30/11 55 55 Projected

9/30/12 56 55 Projected
Distribution of Marketable Debt Outstanding

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

9/30/1980 32.7% 20.3% 25.7% 7.6% 13.7% 0.0%

9/30/1981 32.4% 20.7% 26.3% 6.6% 14.0% 0.0%

9/30/1982 33.5% 21.3% 24.3% 8.4% 12.5% 0.0%

9/30/1983 33.1% 23.6% 22.2% 8.9% 12.2% 0.0%

9/30/1984 30.2% 25.5% 21.2% 9.8% 13.4% 0.0%

9/30/1985 28.1% 24.6% 22.1% 10.6% 14.6% 0.0%

9/30/1986 26.2% 23.4% 24.4% 10.6% 15.4% 0.0%

9/30/1987 22.6% 23.9% 25.1% 11.9% 16.6% 0.0%

9/30/1988 22.3% 22.2% 25.7% 13.0% 16.8% 0.0%

9/30/1989 21.6% 20.7% 25.6% 14.2% 18.0% 0.0%

9/30/1990 23.1% 20.1% 24.2% 14.4% 18.2% 0.0%

9/30/1991 23.8% 20.9% 23.3% 14.2% 17.8% 0.0%

9/30/1992 23.8% 21.2% 23.8% 13.8% 17.3% 0.0%

9/30/1993 22.8% 21.5% 24.8% 13.7% 17.2% 0.0%

9/30/1994 22.7% 21.7% 25.1% 13.9% 16.6% 0.0%

9/30/1995 22.7% 21.5% 25.9% 13.9% 16.0% 0.0%

9/30/1996 22.4% 21.5% 25.8% 14.4% 16.0% 0.0%

9/30/1997 20.5% 21.4% 25.7% 15.0% 16.8% 0.7%

9/30/1998 19.2% 19.7% 25.1% 15.9% 18.4% 1.8%

9/30/1999 20.3% 17.9% 22.2% 16.8% 20.0% 2.9%

9/30/2000 20.6% 16.2% 19.9% 18.2% 21.2% 3.8%

9/30/2001 25.2% 13.3% 16.8% 19.1% 21.0% 4.6%

9/30/2002 27.8% 18.2% 13.2% 17.4% 19.0% 4.4%

9/30/2003 26.5% 23.7% 11.5% 16.8% 16.7% 4.8%

9/30/2004 25.0% 24.4% 13.6% 16.9% 14.4% 5.8%

9/30/2005 22.6% 23.9% 15.9% 17.1% 12.8% 7.5%

9/30/2006 21.4% 21.5% 18.6% 16.7% 12.6% 9.3%

9/30/2007 21.7% 18.1% 20.4% 16.7% 12.7% 10.4%

9/30/2008 24% 17% 20% 17% 12% 11%

9/30/2009 24% 17% 20% 17% 11% 11%

9/30/2010 22% 17% 21% 18% 11% 11%

9/30/2011 21% 16% 22% 18% 12% 11%

9/30/2012 19% 15% 24% 19% 12% 11%

9/30/2013 19% 13% 24% 19% 13% 12%

Hypothetical projections

Totals may not add due to rounding
Percentage of Debt Maturing in Next 12 to 36 Months

Date

maturing in 12 

months

maturing in 24 

months

maturing in 

36 months

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%

12/31/07 36.0% 50.2% 57.5%

3/31/08 38.2% 52.5% 58.6%

6/30/08 36.3% 51.4% 57.1%

9/30/08 37% 52% 58%

9/30/09 38% 52% 57%

9/30/10 36% 49% 56%

9/30/11 34% 48% 56%

9/30/12 34% 49% 56%

9/30/13 34% 49% 57%

Projected are hypothetical
STATE & LOCAL SERIES--ISSUES, REDEMPTIONS AND NET

END OF QUARTER $billions

CY Gross IssuesRedemptions

Top 

Panel CY Net SLGs

Bottom 

Panel

1987 1Q 11.4 3.4 1987 1Q 8.0

2Q 10.6 3.7 2Q 7.0

3Q 6.8 4.3 3Q 2.6

4Q 13.0 2.7 4Q 10.3

1988 1Q 7.8 4.3 1988 1Q 3.5

2Q 7.0 2.7 2Q 4.2

3Q 5.0 4.3 3Q 0.6

4Q 7.9 4.0 4Q 3.9

1989 1Q 6.7 3.8 1989 1Q 2.9

2Q 5.5 3.9 2Q 1.6

3Q 9.1 6.6 3Q 2.6

4Q 10.6 5.9 4Q 4.7

1990 1Q 7.0 6.7 1990 1Q 0.3

2Q 7.2 6.5 2Q 0.8

3Q 5.9 8.9 3Q -3.0

4Q 5.9 6.3 4Q -0.4

1991 1Q 5.4 6.8 1991 1Q -1.4

2Q 7.7 6.1 2Q 1.6

3Q 8.1 11.0 3Q -2.9

4Q 7.7 6.1 4Q 1.6

1992 1Q 8.1 10.0 1992 1Q -1.9

2Q 10.8 6.7 2Q 4.1

3Q 8.3 12.6 3Q -4.3

4Q 5.5 9.5 4Q -4.0

1993 1Q 7.6 9.6 1993 1Q -1.9

2Q 7.8 6.7 2Q 1.2

3Q 6.5 9.9 3Q -3.4

4Q 8.2 8.2 4Q 0.0

1994 1Q 7.2 11.1 1994 1Q -3.9

2Q 4.5 6.6 2Q -2.1

3Q 2.8 8.8 3Q -6.0

4Q 2.2 7.0 4Q -4.8

1995 1Q 2.8 12.5 1995 1Q -9.7

2Q 5.5 7.2 2Q -1.8

3Q 6.5 14.3 3Q -7.8

4Q 2.4 11.3 4Q -8.9

1996 1Q 0.0 8.0 1996 1Q -8.0

2Q 6.5 5.1 2Q 1.4

3Q 7.3 9.5 3Q -2.2

4Q 11.0 5.4 4Q 5.6

1997 1Q 8.9 5.4 1997 1Q 3.5

2Q 9.6 6.5 2Q 3.1

3Q 14.5 10.6 3Q 3.9

4Q 21.3 9.0 4Q 12.3

1998 1Q 23.5 8.4 1998 1Q 15.1

2Q 25.8 10.0 2Q 15.8

3Q 21.6 12.1 3Q 9.5

4Q 10.5 9.8 4Q 0.7

1999 1Q 11.2 8.9 1999 1Q 2.3

2Q 13.1 8.0 2Q 5.1

3Q 8.8 13.3 3Q -4.5

4Q 6.5 8.9 4Q -2.4

2000 1Q 4.6 8.4 2000 1Q -3.8

2Q 8.3 10.0 2Q -1.7

3Q 5.0 12.3 3Q -7.3

4Q 8.1 10.4 4Q -2.3

2001 1Q 14.6 12.8 2001 1Q 1.8

2Q 15.0 14.7 2Q 0.3

3Q 13.8 20.6 3Q -6.8

4Q 19.1 19.2 4Q -0.1

2002 1Q 14.3 19.5 2002 1Q -5.2

2Q 18.6 16.9 2Q 1.7

3Q 26.8 25.2 3Q 1.6

4Q 35.1 26.0 4Q 9.1

2003 1Q 18.7 23.3 2003 1Q -4.6

2Q 9.8 18.1 2Q -8.3

3Q 33.3 25.5 3Q 7.9

4Q 33.0 32.2 4Q 0.8

2004 1Q 30.2 23.7 2004 1Q 6.5

2Q 41.2 35.5 2Q 5.8

3Q 29.3 32.5 3Q -3.3

4Q 23.9 21.4 4Q 2.5

2005 1Q 37.3 19.0 2005 1Q 18.3

2Q 52.8 25.0 2Q 27.7

3Q 39.0 20.4 3Q 18.5

4Q 27.7 17.4 4Q 10.3

2006 1Q 14.3 15.0 2006 1Q -0.7

2Q 21.4 14.2 2Q 7.2

3Q 16.1 19.3 3Q -3.2

4Q 35.5 16.7 4Q 18.8

2007 1Q 40.4 16.1 2007 1Q 24.3

2Q 40.2 20.5 2Q 19.7

3Q 19.0 24.1 3Q -5.1

4Q 20.2 23.5 4Q -3.3

2008 1Q 15.2 22.1 2008 1Q -6.9

2Q 39.6 57.6 2Q -18.0
FY 08 Deficit Estimates 

Primary Dealers* CBO 

Current: 413 396 Range based on average absolute forecast error 375-451 319-473 Estimates as of: July 08 March 08 

 Ranges based on errors from 2003-2007.* Primary Dealers reflect average estimate.