Treasury Financing Requirements 

 Apri

(Projected) (Actuals) (P

Deficit Funding (Def + / Surplus -) 213 179 

Means of Financing

Change in Cash Balance 22 28 Net Non-Marketable Financing -8 -2 Other* 10 -5 Net Marketable Financing 188 158 

Net Marketable Financing 188 158 

Bills 78Nominal Notes 49TIPS 21Bonds 10

Notes:

Starting Cash Balance 37 37 Ending Cash Balance 15 8 

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

 January - March 2006
Marketable Treasury Coupon Flows 

Date

Maturing Coupons 

(Excluding SOMA 

holdings)

Coupon 

Payments

March 31, 2006 26 2 April 15, 2006 0 3 April 30, 2006 26 2 May 15, 2006 57 22 May 31, 2006 24 2 June 15, 2006 0 1 June 30, 2006 25 2 July 15, 2006 17 5 July 31, 2006 23 2 
TREASURY DAILY OPERATING CASH BALANCE

FY 2004 FY 2005 FY 2006

Date Total Date Total Date Total

10/1/2003 21.2 10/1/2004 18.3 10/3/2005 14.7

10/2/2003 14.0 10/4/2004 21.5 10/4/2005 9.5

10/3/2003 13.3 10/5/2004 17.4 10/5/2005 11.6

10/6/2003 13.5 10/6/2004 20.5 10/6/2005 19.1

10/7/2003 8.8 10/7/2004 14.2 10/7/2005 15.2

10/8/2003 5.8 10/8/2004 10.9 10/11/2005 15.4

10/9/2003 6.1 10/11/2004 10.9 10/12/2005 7.8

10/10/2003 3.2 10/12/2004 10.9 10/13/2005 10.0

10/13/2003 3.2 10/13/2004 12.9 10/14/2005 9.2

10/14/2003 4.2 10/14/2004 20.4 10/17/2005 29.3

10/15/2003 5.7 10/15/2004 25.9 10/18/2005 27.1

10/16/2003 19.6 10/18/2004 34.5 10/19/2005 26.9

10/17/2003 19.5 10/19/2004 32.4 10/20/2005 30.9

10/20/2003 21.7 10/20/2004 30.9 10/21/2005 29.4

10/21/2003 20.1 10/21/2004 35.4 10/24/2005 30.6

10/22/2003 20.3 10/22/2004 32.0 10/25/2005 27.3

10/23/2003 28.0 10/25/2004 33.7 10/26/2005 24.6

10/24/2003 25.9 10/26/2004 27.8 10/27/2005 34.1

10/27/2003 27.6 10/27/2004 25.7 10/28/2005 41.4

10/28/2003 23.4 10/28/2004 31.4 10/31/2005 40.7

10/29/2003 26.9 10/29/2004 48.1 11/1/2005 24.1

10/30/2003 36.0 11/1/2004 35.1 11/2/2005 27.5

10/31/2003 35.0 11/2/2004 34.1 11/3/2005 14.7

11/3/2003 14.0 11/3/2004 14.9 11/4/2005 12.4

11/4/2003 10.5 11/4/2004 23.3 11/7/2005 12.4

11/5/2003 11.5 11/5/2004 19.9 11/8/2005 8.3

11/6/2003 14.3 11/8/2004 21.1 11/9/2005 9.3

11/7/2003 11.6 11/9/2004 16.4 11/10/2005 18.0

11/10/2003 11.6 11/10/2004 12.9 11/11/2005 18.0

11/11/2003 11.6 11/11/2004 12.9 11/14/2005 24.1

11/12/2003 6.0 11/12/2004 28.9 11/15/2005 4.5

11/13/2003 5.9 11/15/2004 10.5 11/16/2005 7.2

11/14/2003 5.5 11/16/2004 13.4 11/17/2005 18.0

11/17/2003 22.7 11/17/2004 10.5 11/18/2005 16.5

11/18/2003 20.2 11/18/2004 6.3 11/21/2005 17.9

11/19/2003 19.6 11/19/2004 5.1 11/22/2005 12.6

11/20/2003 18.7 11/22/2004 6.0 11/23/2005 4.7

11/21/2003 16.9 11/23/2004 18.1 11/24/2005 4.7

11/24/2003 17.2 11/24/2004 14.1 11/25/2005 12.1

11/25/2003 12.4 11/25/2004 14.1 11/28/2005 14.2

11/26/2003 12.2 11/26/2004 20.6 11/29/2005 10.5

11/27/2003 12.2 11/29/2004 24.3 11/30/2005 6.0

11/28/2003 21.4 11/30/2004 18.0 12/1/2005 16.1

12/1/2003 9.1 12/1/2004 7.6 12/2/2005 11.8

12/2/2003 6.6 12/2/2004 8.5 12/5/2005 10.4

12/3/2003 17.7 12/3/2004 7.4 12/6/2005 5.3

12/4/2003 14.9 12/6/2004 7.0 12/7/2005 7.8

12/5/2003 10.8 12/7/2004 15.5 12/8/2005 10.4

12/8/2003 12.3 12/8/2004 12.3 12/9/2005 10.1

12/9/2003 7.6 12/9/2004 5.4 12/12/2005 15.3

12/10/2003 6.2 12/10/2004 6.4 12/13/2005 8.5

12/11/2003 3.6 12/13/2004 11.4 12/14/2005 12.5

12/12/2003 5.5 12/14/2004 13.7 12/15/2005 35.7

12/15/2003 41.6 12/15/2004 39.8 12/16/2005 43.8

12/16/2003 46.4 12/16/2004 33.6 12/19/2005 48.1

12/17/2003 45.3 12/17/2004 32.8 12/20/2005 46.3

12/18/2003 30.4 12/20/2004 36.2 12/21/2005 46.9

12/19/2003 32.5 12/21/2004 35.1 12/22/2005 35.4

12/22/2003 37.5 12/22/2004 34.6 12/23/2005 43.4

12/23/2003 34.5 12/23/2004 24.5 12/26/2005 43.4

12/24/2003 32.8 12/24/2004 26.9 12/27/2005 49.0

12/25/2003 32.8 12/27/2004 31.9 12/28/2005 42.7

12/26/2003 22.1 12/28/2004 30.5 12/29/2005 38.5

12/29/2003 29.8 12/29/2004 34.8 12/30/2005 36.6

12/30/2003 32.8 12/30/2004 20.0 1/2/2006 36.6

12/31/2003 33.2 12/31/2004 24.7 1/3/2006 18.3

1/1/2004 33.2 1/3/2005 20.5 1/4/2006 18.4

1/2/2004 13.9 1/4/2005 16.8 1/5/2006 13.0

1/5/2004 15.9 1/5/2005 21.0 1/6/2006 14.2

1/6/2004 11.9 1/6/2005 10.2 1/9/2006 18.3

1/7/2004 15.8 1/7/2005 8.4 1/10/2006 16.9

1/8/2004 6.5 1/10/2005 13.7 1/11/2006 14.6

1/9/2004 7.5 1/11/2005 12.4 1/12/2006 6.3

1/12/2004 11.6 1/12/2005 10.6 1/13/2006 7.0

1/13/2004 11.3 1/13/2005 10.8 1/17/2006 32.2
1/14/2004 12.8 1/14/2005 10.9 1/18/2006 38.1

1/15/2004 21.7 1/17/2005 10.9 1/19/2006 41.2

1/16/2004 30.0 1/18/2005 28.1 1/20/2006 44.1

1/19/2004 30.0 1/19/2005 38.3 1/23/2006 53.6

1/20/2004 35.9 1/20/2005 36.3 1/24/2006 60.1

1/21/2004 51.0 1/21/2005 42.8 1/25/2006 60.3

1/22/2004 51.0 1/24/2005 52.2 1/26/2006 62.3

1/23/2004 52.0 1/25/2005 52.8 1/27/2006 57.3

1/26/2004 57.0 1/26/2005 54.8 1/30/2006 62.6

1/27/2004 55.3 1/27/2005 50.0 1/31/2006 68.9

1/28/2004 54.7 1/28/2005 44.8 2/1/2006 55.3

1/29/2004 56.1 1/31/2005 61.3 2/2/2006 65.7

1/30/2004 42.5 2/1/2005 49.3 2/3/2006 36.7

2/2/2004 45.4 2/2/2005 53.0 2/6/2006 38.6

2/3/2004 21.0 2/3/2005 29.7 2/7/2006 33.3

2/4/2004 22.7 2/4/2005 20.5 2/8/2006 30.1

2/5/2004 30.5 2/7/2005 23.0 2/9/2006 35.0

2/6/2004 18.6 2/8/2005 19.2 2/10/2006 12.0

2/9/2004 22.3 2/9/2005 15.8 2/13/2006 15.6

2/10/2004 19.1 2/10/2005 24.6 2/14/2006 13.7

2/11/2004 17.8 2/11/2005 5.0 2/15/2006 17.6

2/12/2004 29.9 2/14/2005 4.5 2/16/2006 32.9

2/13/2004 9.9 2/15/2005 14.7 2/17/2006 11.7

2/16/2004 9.9 2/16/2005 20.6 2/20/2006 11.7

2/17/2004 25.1 2/17/2005 29.0 2/21/2006 17.3

2/18/2004 20.5 2/18/2005 12.7 2/22/2006 9.2

2/19/2004 34.3 2/21/2005 12.7 2/23/2006 21.0

2/20/2004 16.9 2/22/2005 18.5 2/24/2006 5.4

2/23/2004 22.1 2/23/2005 13.5 2/27/2006 10.4

2/24/2004 18.7 2/24/2005 30.7 2/28/2006 18.1

2/25/2004 16.9 2/25/2005 17.2 3/1/2006 5.5

2/26/2004 25.1 2/28/2005 19.6 3/2/2006 12.0

2/27/2004 16.7 3/1/2005 7.0 3/3/2006 7.7

3/1/2004 9.9 3/2/2005 10.1 3/6/2006 11.1

3/2/2004 8.8 3/3/2005 11.8 3/7/2006 6.7

3/3/2004 14.9 3/4/2005 3.4 3/8/2006 10.7

3/4/2004 18.2 3/7/2005 6.6 3/9/2006 17.1

3/5/2004 9.2 3/8/2005 15.4 3/10/2006 7.0

3/8/2004 12.8 3/9/2005 10.8 3/13/2006 13.5

3/9/2004 9.6 3/10/2005 15.4 3/14/2006 10.5

3/10/2004 7.0 3/11/2005 6.2 3/15/2006 15.4

3/11/2004 13.0 3/14/2005 14.8 3/16/2006 31.8

3/12/2004 8.1 3/15/2005 35.2 3/17/2006 24.0

3/15/2004 30.1 3/16/2005 43.6 3/20/2006 28.2

3/16/2004 35.4 3/17/2005 48.9 3/21/2006 25.1

3/17/2004 32.9 3/18/2005 43.0 3/22/2006 22.2

3/18/2004 37.3 3/21/2005 47.5 3/23/2006 29.0

3/19/2004 32.4 3/22/2005 44.8 3/24/2006 20.7

3/22/2004 34.0 3/23/2005 42.0 3/27/2006 25.3

3/23/2004 30.1 3/24/2005 41.2 3/28/2006 20.4

3/24/2004 26.4 3/25/2005 34.2 3/29/2006 21.9

3/25/2004 25.7 3/28/2005 36.1 3/30/2006 17.6

3/26/2004 18.3 3/29/2005 34.4 3/31/2006 8.2

3/29/2004 21.5 3/30/2005 34.2 4/3/2006 9.5

3/30/2004 17.8 3/31/2005 22.4 4/4/2006 7.1

3/31/2004 21.3 4/1/2005 10.2 4/5/2006 8.8

4/1/2004 4.9 4/4/2005 14.6 4/6/2006 7.5

4/2/2004 5.6 4/5/2005 9.7 4/7/2006 9.0

4/5/2004 4.6 4/6/2005 12.4 4/10/2006 11.9

4/6/2004 6.8 4/7/2005 12.8 4/11/2006 11.5

4/7/2004 9.5 4/8/2005 6.3 4/12/2006 10.5

4/8/2004 14.4 4/11/2005 10.1 4/13/2006 9.5

4/9/2004 9.8 4/12/2005 13.0 4/14/2006 13.7

4/12/2004 10.7 4/13/2005 12.5 4/17/2006 13.2

4/13/2004 11.5 4/14/2005 5.4 4/18/2006 30.2

4/14/2004 15.9 4/15/2005 18.4 4/19/2006 38.6

4/15/2004 20.7 4/18/2005 27.7 4/20/2006 18.3

4/16/2004 27.3 4/19/2005 46.9 4/21/2006 21.2

4/19/2004 19.8 4/20/2005 55.6 4/24/2006 36.9

4/20/2004 30.3 4/21/2005 41.9 4/25/2006 69.3

4/21/2004 38.1 4/22/2005 45.0 4/26/2006 77.7

4/22/2004 30.5 4/25/2005 59.5

4/23/2004 30.7 4/26/2005 80.3

4/26/2004 42.8 4/27/2005 84.6

4/27/2004 52.2 4/28/2005 72.8

4/28/2004 53.8 4/29/2005 76.4

4/29/2004 44.9 5/2/2005 83.2
4/30/2004 40.4 5/3/2005 67.3

5/3/2004 20.3 5/4/2005 71.2

5/4/2004 17.2 5/5/2005 51.4

5/5/2004 19.5 5/6/2005 49.7

5/6/2004 19.6 5/9/2005 53.2

5/7/2004 16.2 5/10/2005 49.5

5/10/2004 17.1 5/11/2005 46.5

5/11/2004 13.2 5/12/2005 31.1

5/12/2004 11.3 5/13/2005 28.2

5/13/2004 15.0 5/16/2005 30.8

5/14/2004 13.7 5/17/2005 30.5

5/17/2004 23.3 5/18/2005 27.8

5/18/2004 20.7 5/19/2005 21.2

5/19/2004 18.2 5/20/2005 18.4

5/20/2004 22.8 5/23/2005 20.7

5/21/2004 20.5 5/24/2005 15.6

5/24/2004 21.7 5/25/2005 12.7

5/25/2004 16.6 5/26/2005 13.6

5/26/2004 13.4 5/27/2005 14.6

5/27/2004 15.2 5/30/2005 14.6

5/28/2004 15.9 5/31/2005 16.6

5/31/2004 15.9 6/1/2005 9.5

6/1/2004 3.5 6/2/2005 12.6

6/2/2004 1.6 6/3/2005 5.6

6/3/2004 12.1 6/6/2005 4.9

6/4/2004 8.2 6/7/2005 11.2

6/7/2004 8.1 6/8/2005 8.0

6/8/2004 3.7 6/9/2005 5.0

6/9/2004 5.9 6/10/2005 5.7

6/10/2004 8.8 6/13/2005 11.3

6/11/2004 7.2 6/14/2005 17.9

6/14/2004 10.9 6/15/2005 49.3

6/15/2004 41.6 6/16/2005 45.5

6/16/2004 47.1 6/17/2005 46.7

6/17/2004 39.6 6/20/2005 52.5

6/18/2004 42.8 6/21/2005 63.0

6/21/2004 49.8 6/22/2005 64.2

6/22/2004 53.4 6/23/2005 44.1

6/23/2004 53.1 6/24/2005 44.0

6/24/2004 37.9 6/27/2005 49.7

6/25/2004 38.6 6/28/2005 46.9

6/28/2004 43.8 6/29/2005 51.8

6/29/2004 43.3 6/30/2005 33.2

6/30/2004 44.6 7/1/2005 10.1

7/1/2004 9.5 7/4/2005 10.1

7/2/2004 8.4 7/5/2005 11.9

7/5/2004 8.4 7/6/2005 9.1

7/6/2004 7.3 7/7/2005 6.8

7/7/2004 3.5 7/8/2005 6.1

7/8/2004 5.8 7/11/2005 7.9

7/9/2004 5.0 7/12/2005 7.7

7/12/2004 8.1 7/13/2005 5.3

7/13/2004 4.7 7/14/2005 11.4

7/14/2004 5.6 7/15/2005 14.4

7/15/2004 10.2 7/18/2005 23.1

7/16/2004 14.4 7/19/2005 19.7

7/19/2004 16.6 7/20/2005 19.9

7/20/2004 13.2 7/21/2005 25.4

7/21/2004 12.6 7/22/2005 27.3

7/22/2004 24.4 7/25/2005 31.4

7/23/2004 24.7 7/26/2005 29.3

7/26/2004 27.9 7/27/2005 26.7

7/27/2004 25.2 7/28/2005 32.0

7/28/2004 22.3 7/29/2005 41.0

7/29/2004 33.4 8/1/2005 27.0

7/30/2004 34.6 8/2/2005 26.6

8/2/2004 30.4 8/3/2005 8.8

8/3/2004 6.2 8/4/2005 11.2

8/4/2004 8.1 8/5/2005 9.6

8/5/2004 6.3 8/8/2005 12.9

8/6/2004 5.5 8/9/2005 9.9

8/9/2004 8.7 8/10/2005 8.2

8/10/2004 6.2 8/11/2005 6.6

8/11/2004 4.7 8/12/2005 5.7

8/12/2004 6.6 8/15/2005 8.6

8/13/2004 4.1 8/16/2005 12.9

8/16/2004 9.1 8/17/2005 12.3

8/17/2004 6.7 8/18/2005 14.4

8/18/2004 5.8 8/19/2005 16.3

8/19/2004 5.8 8/22/2005 20.5

8/20/2004 5.9 8/23/2005 17.8

8/23/2004 9.2 8/24/2005 14.4
8/24/2004 5.4 8/25/2005 13.8

8/25/2004 3.7 8/26/2005 11.1

8/26/2004 7.4 8/29/2005 14.7

8/27/2004 7.1 8/30/2005 10.4

8/30/2004 8.6 8/31/2005 8.6

8/31/2004 2.5 9/1/2005 6.3

9/1/2004 6.7 9/2/2005 7.2

9/2/2004 11.0 9/5/2005 7.2

9/3/2004 5.9 9/6/2005 8.1

9/6/2004 5.9 9/7/2005 5.9

9/7/2004 6.6 9/8/2005 10.1

9/8/2004 8.7 9/9/2005 7.1

9/9/2004 7.1 9/12/2005 10.7

9/10/2004 4.8 9/13/2005 11.2

9/13/2004 8.2 9/14/2005 7.8

9/14/2004 12.5 9/15/2005 40.6

9/15/2004 33.3 9/16/2005 49.2

9/16/2004 28.1 9/19/2005 55.9

9/17/2004 30.9 9/20/2005 70.6

9/20/2004 38.0 9/21/2005 72.9

9/21/2004 49.7 9/22/2005 60.1

9/22/2004 49.3 9/23/2005 60.9

9/23/2004 35.5 9/26/2005 63.6

9/24/2004 33.5 9/27/2005 60.5

9/27/2004 35.4 9/28/2005 57.5

9/28/2004 32.2 9/29/2005 50.3

9/29/2004 38.5 9/30/2005 35.7

9/30/2004 36.3
$ billions

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

Calendar Year Quarters

2001 1Q 65.2 -29.2 -25.5 9.4 -8.0 6.0 0.0 17.8

2Q -92.0 -34.1 -26.4 -1.8 -9.3 0.0 0.0 -163.5

3Q 114.8 -10.3 -31.1 3.8 -7.8 5.0 0.0 74.5

4Q 76.4 65.7 -84.7 -1.8 -8.5 0.0 5.0 52.1

2002 1Q 23.2 26.6 2.7 -6.0 0.0 6.0 0.0 52.5

2Q -11.9 49.3 -18.3 0.0 -4.0 0.0 0.0 15.1

3Q 45.8 76.9 -29.6 0.0 0.0 -8.9 0.0 84.2

4Q 20.5 68.6 -9.3 -4.2 0.0 7.0 0.0 82.6

2003 1Q 66.3 59.6 -17.5 -3.0 0.0 6.0 0.0 111.3

2Q -27.3 78.1 12.8 -3.2 0.0 0.0 0.0 60.3

3Q -9.6 62.7 23.0 -5.6 0.0 11.0 0.0 81.5

4Q 10.6 44.1 62.2 -12.5 0.0 9.0 0.0 113.4

2004 1Q 56.2 30.9 46.7 0.0 0.0 12.0 0.0 145.9

2Q -38.2 25.8 43.0 -8.4 0.0 9.0 0.0 31.3

3Q 14.7 16.7 40.6 -4.0 0.0 10.0 11.0 89.0

4Q 41.7 20.4 27.2 -12.5 0.0 21.0 0.0 97.8

2005 1Q 55.9 12.5 57.0 -2.3 0.0 10.0 11.0 144.2

2Q -135.7 17.5 28.9 -7.2 0.0 18.0 0.0 -78.5

3Q -9.2 7.3 48.4 -9.3 0.0 9.0 6.0 52.3

4Q 49.6 10.1 21.9 -4.1 0.0 15.0 0.0 92.5

2006 1Q 78.2 -5.4 54.3 10.1 0.0 9.0 11.8 158.0

Totals may not add due to rounding.

Nominals TIPS

Treasury Quarterly Net Marketable Borrowing 
Treasury Quarterly Net Borrowing From NonMarketable Issues 

Calendar Year $ billions

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

I 00 -3.3 -0.9 -3.8 -8.0 2000

II -2.7 -0.6 -1.7 -5.0

III -2.4 -0.4 -7.3 -10.1

IV -1.7 1.7 -2.3 -2.2

I 01 -2.2 -1.1 1.9 -1.4 2001

II -1.4 -0.7 0.4 -1.7

III -1.4 -2.4 -6.8 -10.6

IV 1.9 -1.0 -0.1 0.8

I 02 -0.4 0.2 -5.2 -5.5 2002

II -1.1 -0.7 1.7 -0.1

III -1.4 -0.8 1.5 -0.7

IV -0.2 -1.3 9.1 7.6

I 03 0.1 -1.5 -1.0 -2.4 2003

II 0.5 -0.6 -8.3 -8.4

III 0.4 -0.7 7.9 7.6

IV 0.5 -0.5 0.8 0.8

I 04 -1.2 -0.8 6.5 4.5 2004

II -1.5 -0.3 5.8 3.9

III -2.1 -0.6 -3.3 -6.0

IV -1.4 0.0 2.5 1.1

I 05 -1.9 0.2 18.3 16.6 2005

II -1.7 -1.6 27.7 24.4

III -2.3 0.1 18.5 16.3

IV -0.2 0.7 10.3 10.7

I 06 -1.1 -0.4 -0.7 -2.2 2006
Year Outlays Receipts GDP Growth Net Interest

1960 17.8 17.9 5.4 1.3

1961 18.4 17.8 2.5 1.3

1962 18.8 17.6 6.9 1.2

1963 18.6 17.8 5.5 1.3

1964 18.5 17.6 7.0 1.3

1965 17.2 17.0 7.3 1.3

1966 17.9 17.4 9.6 1.2

1967 19.4 18.3 7.8 1.3

1968 20.6 17.7 6.8 1.3

1969 19.4 19.7 9.5 1.3

1970 19.3 19.0 6.7 1.4

1971 19.5 17.3 6.7 1.4

1972 19.6 17.6 9.1 1.3

1973 18.8 17.7 11.0 1.3

1974 18.7 18.3 10.1 1.5

1975 21.3 17.9 8.4 1.5

1976 21.4 17.2 11.3 1.5

1976.5 21.0 17.8 13.7 1.5

1977 20.7 18.0 13.7 1.5

1978 20.7 18.0 12.3 1.6

1979 20.2 18.5 12.8 1.7

1980 21.7 19.0 9.0 1.9

1981 22.2 19.6 12.0 2.3

1982 23.1 19.1 5.7 2.6

1983 23.5 17.5 6.6 2.6

1984 22.2 17.4 11.6 2.9

1985 22.9 17.7 7.8 3.1

1986 22.4 17.4 6.5 3.1

1987 21.6 18.4 5.3 3.0

1988 21.3 18.2 7.8 3.0

1989 21.2 18.4 7.8 3.1

1990 21.8 18.0 6.2 3.2

1991 22.3 17.8 3.5 3.3

1992 22.1 17.5 5.1 3.2

1993 21.4 17.6 5.4 3.0

1994 21.0 18.1 5.9 2.9

1995 20.7 18.5 5.2 3.2

1996 20.3 18.9 5.0 3.1

1997 19.6 19.3 6.3 3.0

1998 19.2 20.0 5.4 2.8

1999 18.7 20.0 5.8 2.5

2000 18.4 20.9 6.4 2.3

2001 18.5 19.8 3.6 2.0

2002 19.4 17.9 3.2 1.6

2003 20.0 16.5 4.1 1.4

2004 19.9 16.3 6.9 1.4

2005 20.1 17.5 6.4 1.5

2006 20.8 17.5 6.0 1.7

2007 20.1 17.6 5.6 1.8

2008 19.4 17.8 5.5 1.9

2009 19.1 17.7 5.3 1.9

2010 19.0 17.9 5.3 1.9

2011 19.1 17.9 5.3 1.9

Estimate

Source: OMB Budget FY 2007

Drivers of Financing Needs

Percentage of GDP 
Net Marketable Borrowing and Hypothetical Auction Size % Change

Auction Size Net Borrowing

($ billion)

9/30/2005 216

9/30/2006 3.4% 300

9/30/2007 12.2% 360

9/30/2008 -5.3% 247

9/30/2009 5.6% 229

9/30/2010 0.9% 207

9/30/2011 1.6% 237
THE AVERAGE MATURITY OF TOTAL OUTSTANDING MARKETABLE DEBT AND 

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

CIM Average Maturity 

1-Yr Moving Average Total Outstanding

(months) (months)

12/31/80 73.92 48.39

3/31/81 73.21 48.10

6/30/81 73.59 49.97

9/30/81 76.38 50.54

12/31/81 77.34 50.18

3/31/82 77.28 50.09

6/30/82 63.57 49.69

9/30/82 56.92 48.80

12/31/82 54.85 47.06

3/31/83 55.57 47.48

6/30/83 69.27 48.45

9/30/83 77.91 49.70

12/31/83 82.90 50.98

3/31/84 84.39 51.91

6/30/84 85.78 53.34

9/30/84 85.93 53.90

12/31/84 85.62 55.33

3/31/85 87.02 55.77

6/30/85 87.55 57.00

9/30/85 88.83 58.19

12/31/85 89.54 58.71

3/31/86 89.30 60.10

6/30/86 89.51 61.13

9/30/86 88.80 61.74

12/31/86 88.55 62.15

3/31/87 87.85 63.85

6/30/87 87.60 65.14

9/30/87 88.28 66.17

12/31/87 82.59 65.63

3/31/88 82.48 66.01

6/30/88 82.30 67.15

9/30/88 66.77 65.97

12/31/88 73.57 66.51

3/31/89 73.17 66.78

6/30/89 73.64 68.19

9/30/89 89.63 69.07

12/31/89 89.12 68.95

3/31/90 89.85 68.89

6/30/90 89.27 69.44

9/30/90 87.40 69.07

12/31/90 85.68 67.91

3/31/91 85.05 68.46

6/30/91 84.66 69.40

9/30/91 84.21 68.31

12/31/91 84.66 67.94

3/31/92 82.20 67.27

6/30/92 79.70 67.50

9/30/92 77.38 67.22

12/31/92 75.29 66.78

3/31/93 74.43 66.77

6/30/93 72.52 66.58

9/30/93 73.37 66.80

12/31/93 60.98 64.68

3/31/94 62.11 64.55

6/30/94 51.37 64.18

9/30/94 51.43 64.27

12/31/94 51.28 62.81

3/31/95 51.26 62.05

6/30/95 51.18 61.27

9/30/95 51.76 61.72

12/31/95 51.87 60.36

3/31/96 52.37 60.09

6/30/96 52.44 60.36

9/30/96 50.34 60.58

12/31/96 62.21 60.93

3/31/97 60.32 60.93

6/30/97 61.29 61.96

9/30/97 62.09 62.39

12/31/97 63.28 62.52

3/31/98 64.64 63.11

6/30/98 74.90 65.14

9/30/98 83.89 66.84

12/31/98 85.12 65.11

3/31/99 87.44 65.28

6/30/99 87.65 67.39

9/30/99 80.96 68.19

12/31/99 78.40 66.88

3/31/00 78.73 67.43

6/30/00 67.32 69.39

9/30/00 63.90 70.06

12/31/00 61.73 69.42

3/31/01 62.06 68.81

6/30/01 62.07 70.90

9/30/01 60.14 68.33

12/31/01 57.78 66.01

3/31/02 41.76 64.94

6/30/02 40.66 63.82

9/30/02 32.27 62.09

12/31/02 25.48 60.47

3/31/03 25.89 58.59

6/30/03 26.62 57.63

9/30/03 27.49 57.21

12/31/03 28.42 56.30

3/31/04 29.38 54.94

6/30/04 30.93 55.13

9/30/04 33.83 55.08

12/31/04 33.41 54.31

3/31/05 36.81 53.34

6/30/05 36.77 54.73

9/30/05 35.63 54.25

12/31/05 35.83 53.36

3/31/06 44.31 52.99

9/30/06 55 54 Projected

9/30/07 54 54

9/30/08 54 55

9/30/09 54 55

9/30/10 55 55

9/30/11 54 55

9/30/12 54 55 Not for public release

9/30/13 54 55

9/30/14 54 55

9/30/15 55 55
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 22.3% 22.8% 17.5% 16.3% 12.3% 8.9%

9/30/2007 21.7% 22.4% 18.6% 15.7% 11.9% 9.6%

9/30/2008 19.7% 22.7% 19.5% 16.2% 11.5% 10.6%

9/30/2009 19.8% 22.2% 18.9% 16.2% 11.4% 11.4%

9/30/2010 19.2% 22.0% 18.7% 16.8% 11.4% 11.9%

9/30/2011 18.7% 21.3% 18.6% 17.1% 11.6% 12.8%
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%

9/30/06 37.6% 51.6% 60.5%

9/30/07 35.9% 52.0% 60.4%

9/30/08 35.6% 51.3% 59.1%

9/30/09 34.8% 50.1% 58.3%

9/30/10 33.9% 49.3% 57.7%

9/30/11 33.4% 48.9% 58.1%
Percentage Breakdown of Annual Issuance

ISSUANCE

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

12/31/80 61.2% 20.5% 10.8% 2.9% 4.6% 0.0%

3/31/81 61.6% 20.0% 10.7% 3.5% 4.3% 0.0%

6/30/81 61.2% 19.6% 11.7% 3.2% 4.2% 0.0%

9/30/81 61.0% 19.2% 12.6% 2.9% 4.3% 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 57.0% 23.3% 10.7% 3.8% 5.2% 0.0%

3/31/84 57.0% 23.1% 10.5% 4.0% 5.4% 0.0%

6/30/84 55.4% 23.9% 10.9% 4.1% 5.7% 0.0%

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

12/31/84 55.7% 22.4% 12.6% 3.8% 5.6% 0.0%

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

6/30/85 55.7% 22.7% 11.8% 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 53.9% 22.7% 12.8% 4.2% 6.3% 0.0%

6/30/86 53.7% 22.9% 12.9% 4.5% 6.0% 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 55.4% 24.3% 11.3% 5.4% 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 52.9% 24.6% 12.0% 5.4% 5.2% 0.0%

12/31/89 53.1% 24.1% 12.6% 5.2% 5.0% 0.0%

3/31/90 53.9% 24.4% 11.4% 5.3% 5.1% 0.0%

6/30/90 54.4% 24.3% 11.2% 5.1% 4.9% 0.0%

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

12/31/90 56.6% 22.6% 11.9% 4.6% 4.4% 0.0%

3/31/91 55.7% 23.2% 12.1% 4.6% 4.4% 0.0%

6/30/91 53.2% 24.1% 13.2% 4.8% 4.6% 0.0%

9/30/91 54.1% 23.1% 13.7% 4.6% 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%

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% 0.0% 1.5%

12/31/02 60.9% 27.1% 6.1% 4.3% 0.0% 1.6%

3/31/03 61.5% 26.1% 6.5% 4.4% 0.0% 1.5%

6/30/03 59.4% 27.2% 7.0% 4.8% 0.0% 1.5%

9/30/03 57.6% 27.7% 7.6% 5.6% 0.0% 1.5%

12/31/03 55.5% 28.0% 8.9% 6.1% 0.0% 1.6%

3/31/04 55.1% 27.4% 9.5% 6.2% 0.0% 1.8%

6/30/04 52.9% 27.8% 10.4% 6.7% 0.0% 2.3%

9/30/04 54.1% 26.7% 10.5% 6.0% 0.0% 2.7%

12/31/04 54.5% 26.1% 10.4% 5.6% 0.0% 3.4%

3/31/05 55.6% 25.2% 10.1% 5.3% 0.0% 3.8%

6/30/05 52.4% 26.6% 10.8% 5.6% 0.0% 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%

9/30/06 55.4% 23.3% 10.2% 5.4% 1.6% 4.1%

9/30/07 51.9% 26.7% 10.3% 5.4% 1.6% 4.1%

9/30/08 50.7% 27.6% 10.9% 5.3% 1.6% 3.9%

9/30/09 51.5% 26.7% 10.7% 5.4% 1.6% 4.0%

9/30/10 51.7% 26.7% 10.4% 5.5% 1.66% 4.0%

9/30/11 51.1% 26.6% 11.4% 5.3% 1.70% 4.0%
Bills 2-under 5yr 5-10yr over 10yr buyback tot NB tot

9/30/1998 -64 -44 -26 25 0 -45 -109

9/30/1999 15 -4 -127 16 0 -115 -100

9/30/2000 -37 -33 -134 13 -21 -176 -213

9/30/2001 119 -105 -94 16 -34 -216 -97

9/30/2002 133 218 -133 -3 -13 71 204

9/30/2003 50 269 33 -16 0 286 336

9/30/2004 43 118 233 -14 0 336 379

9/30/2005 -47 58 220 -14 0 263 216

9/30/2006 62 -1 200 38 0 237 300

9/30/2007 53 69 190 49 0 308 360

9/30/2008 -40 69 189 29 0 287 247

9/30/2009 49 35 100 44 0 180 229

9/30/2010 13 34 109 50 0 193 207

9/30/2011 19 21 140 57 0 218 237

Projected Annual Net Marketable Borrowing 
FY 06 Deficit Estimates $ billions

Primary Dealers* CBO OMB

Current: 356 336 423

Range based on average absolute forecast error 279-433 240-432 335-511

Estimates as of: April 27, 06 March 06 February 06

Note: Ranges based on errors from 1997-2005.

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

$ billions, Fiscal Year

Budget estimates 2006 2007 2008 2009 2010

line Plus average absolute error in OMB estimate 357 489 437 495 543

OMB FY2007 Budget--- Net Financing 308 367 242 227 202

Minus average absolute error in OMB estimate 259 245 47 -41 -139

Note: (+) Deficit, (-) Surplus

Estimated financing changes from current pattern

bar Plus average absolute error in OMB estimate 129 299 227 387 431

OMB FY2007 Budget--- Net Financing residual 80 177 32 119 90

Minus average absolute error in OMB estimate 31 55 -163 -149 -251

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, 2005 total outstanding.

Potential errors were estimated with a linear least-squares regression using OMB’s budget forecasts since the 

1989 Budget and OMB’s Mid-Sessions Reviews since the MSR for the 1998 Budget. 

Note: FY 2006 net financing amount is an internal estimate. 
Calendar Estimated foreign holdings Foreign and International Institutional Holdings at FRBNY

 Quarter as % of private. 2/ as % of private. 3/

1993 1Q 20% 10%

2Q 20% 11%

3Q 21% 11%

4Q 21% 11%

1994 1Q 21% 12%

2Q 21% 12%

3Q 22% 13%

4Q 21% 13%

1995 1Q 22% 13%

2Q 23% 14%

3Q 25% 15%

4Q 25% 15%

1996 1Q 27% 16%

2Q 28% 16%

3Q 29% 17%

4Q 32% 18%

1997 1Q 34% 19%

2Q 35% 19%

3Q 36% 19%

4Q 36% 18%

1998 1Q 36% 18%

2Q 38% 18%

3Q 37% 17%

4Q 38% 18%

1999 1Q 38% 18%

2Q 39% 19%

3Q 40% 19%

4Q 39% 20%

2000 1Q 35% 20%

2Q 36% 21%

3Q 36% 21%

4Q 36% 20%

2001 1Q 36% 21%

2Q 37% 21%

3Q 36% 22%

4Q 37% 21%

2002 1Q 37% 21%

2Q 40% 22%

3Q 41% 22%

4Q 41% 23%

2003 1Q 42% 23%

2Q 44% 24%

3Q 45% 24%

4Q 45% 26%

2004 1Q 48% 27%

2Q 50% 28%

3Q 51% 29%

4Q 52% 29%

2005 1Q 52% 28%

2Q 53% 29%

3Q 54% 28%

4Q 55% 28%

2006 1Q* 54% 27%

1/ Privately held debt excludes holdings of the Federal Reserve System.

2/ Series for estimated foreign holdings. See www.treas.gov/tic/index.html for source data.

3/ Source: Federal Reserve Bank of New York statistical release H4.1.

* Estimated foreign holdings data through February 28, 2006.

 FOREIGN HOLDINGS AS A PERCENT OF TOTAL PRIVATELY HELD PUBLIC DEBT 1/
Canada UK U.S. France Germany Japan Italy

1993 28.2% 21.0%

1994 27.3% 21.0%

1995 25.5% 25.0% 24.8%

1996 25.8% 19.0% 32.0% 18.4%

1997 24.9% 18.2% 36.0% 20.0%

1998 24.4% 19.7% 38.0% 22.6% 34.0% 6.1% 30.2%

1999 22.9% 17.3% 39.0% 28.0% 34.9% 8.1% 37.0%

2000 21.9% 17.7% 36.0% 33.7% 36.3% 5.1% 42.0%

2001 20.9% 19.3% 37.0% 38.4% 37.1% 6.0% 42.4%

2002 18.3% 18.0% 41.0% 41.9% 39.6% 3.6% 43.0%

2003 20.2% 19.7% 45.0% 48.1% 40.7% 3.4% 46.8%

2004 15.0% 21.4% 52.0% 52.7% 43.3% 4.3% 45.4%

2005 14% 26.0% 55.2% 55.8% 47.4%

2006 0.5435 0.555

Share of non-resident Participation in G-7 Government Bond Markets
End of Qtr Treasuries Muni's Corporates Residential Mortgages Other Mortgages Consumer Credit Other

1995 Q1 26.8% 10.0% 10.8% 27.3% 6.1% 7.8% 11.3%

1995 Q2 26.6% 9.8% 10.9% 27.3% 6.0% 8.0% 11.4%

1995 Q3 26.5% 9.5% 11.0% 27.4% 6.0% 8.2% 11.4%

1995 Q4 26.4% 9.3% 11.0% 27.4% 5.9% 8.5% 11.6%

1996 Q1 26.6% 9.1% 11.2% 27.4% 5.9% 8.4% 11.5%

1996 Q2 26.1% 9.0% 11.3% 27.5% 5.9% 8.5% 11.6%

1996 Q3 26.1% 8.8% 11.2% 27.7% 5.8% 8.6% 11.7%

1996 Q4 26.1% 8.8% 11.2% 27.7% 5.8% 8.8% 11.6%

1997 Q1 26.1% 8.7% 11.4% 27.8% 5.8% 8.6% 11.8%

1997 Q2 25.4% 8.7% 11.6% 27.9% 5.8% 8.7% 11.9%

1997 Q3 25.1% 8.7% 11.7% 28.2% 5.8% 8.7% 11.7%

1997 Q4 24.9% 8.7% 11.7% 28.0% 5.9% 8.8% 12.0%

1998 Q1 24.6% 8.7% 12.2% 28.1% 5.9% 8.5% 12.0%

1998 Q2 23.7% 8.8% 12.5% 28.4% 5.9% 8.6% 12.1%

1998 Q3 23.2% 8.7% 12.6% 28.7% 5.9% 8.7% 12.2%

1998 Q4 22.9% 8.6% 12.6% 28.8% 6.0% 8.8% 12.3%

1999 Q1 22.6% 8.6% 12.9% 28.9% 6.0% 8.6% 12.4%

1999 Q2 21.7% 8.6% 13.3% 29.3% 6.1% 8.7% 12.3%

1999 Q3 21.2% 8.5% 13.4% 29.6% 6.3% 8.8% 12.2%

1999 Q4 21.1% 8.4% 13.3% 29.6% 6.4% 9.0% 12.2%

2000 Q1 20.7% 8.3% 13.6% 29.8% 6.5% 8.8% 12.4%

2000 Q2 19.4% 8.3% 13.8% 30.2% 6.6% 8.9% 12.7%

2000 Q3 18.9% 8.2% 14.0% 30.6% 6.7% 9.2% 12.5%

2000 Q4 18.5% 8.2% 13.8% 30.7% 6.7% 9.5% 12.7%

2001 Q1 18.4% 8.2% 14.0% 30.9% 6.8% 9.3% 12.4%

2001 Q2 17.3% 8.3% 14.3% 31.5% 6.8% 9.4% 12.3%

2001 Q3 17.4% 8.2% 14.2% 31.7% 6.9% 9.4% 12.1%

2001 Q4 17.4% 8.3% 14.3% 31.9% 6.9% 9.6% 11.5%

2002 Q1 17.4% 8.3% 14.4% 32.2% 7.0% 9.4% 11.3%

2002 Q2 17.2% 8.5% 14.3% 32.7% 7.0% 9.4% 10.9%

2002 Q3 17.4% 8.5% 14.0% 33.1% 7.0% 9.4% 10.6%

2002 Q4 17.5% 8.5% 13.7% 33.5% 7.0% 9.4% 10.4%

2003 Q1 17.6% 8.6% 13.8% 33.6% 7.1% 9.2% 10.2%

2003 Q2 17.6% 8.6% 13.7% 33.9% 7.1% 9.1% 9.9%

2003 Q3 17.8% 8.5% 13.6% 34.4% 7.1% 9.1% 9.5%

2003 Q4 18.0% 8.5% 13.3% 34.5% 7.1% 9.1% 9.5%

2004 Q1 18.3% 8.5% 13.2% 34.7% 7.2% 8.8% 9.3%

2004 Q2 18.1% 8.6% 13.0% 35.1% 7.3% 8.7% 9.3%

2004 Q3 18.1% 8.4% 12.8% 35.6% 7.1% 8.8% 9.0%

2004 Q4 18.1% 8.4% 12.6% 35.8% 7.2% 8.9% 9.1%

2005 Q1 18.4% 8.5% 12.5% 35.8% 7.2% 8.6% 9.0%

2005 Q2 17.9% 8.5% 12.3% 36.3% 7.4% 8.5% 9.2%

2005 Q3 17.8% 8.5% 12.1% 36.8% 7.4% 8.4% 9.1%

SOURCE = Federal Reserve, Flow of Funds statistical release Z.1

Note: Corporates = Comercial Paper and corporate bonds

Other = other mortgages, bank loans, other loans

Percentage Breakdown of Domestic Nonfinancial Credit Market Debt
$ billions

End of Month Short-term Treasuries Commercial paper + open market paper Money Market Short-term Treasuries % of total

Mar-85 552.1 317.9 869.9 63%

Jun-85 561.3 326.9 888.2 63%

Sep-85 571.2 343.5 914.6 62%

Dec-85 597.5 358.5 956.0 62%

Mar-86 603.6 359.8 963.4 63%

Jun-86 609.3 374.3 983.7 62%

Sep-86 618.6 388.9 1007.4 61%

Dec-86 637.2 384.9 1022.1 62%

Mar-87 615.8 396.2 1012.0 61%

Jun-87 612.7 414.6 1027.3 60%

Sep-87 613.5 421.2 1034.6 59%

Dec-87 634.4 437.9 1072.3 59%

Mar-88 644.6 447.5 1092.1 59%

Jun-88 635.2 474.8 1110.0 57%

Sep-88 653.4 484.7 1138.0 57%

Dec-88 673.3 513.4 1186.7 57%

Mar-89 682.6 543.0 1225.7 56%

Jun-89 663.7 562.2 1225.9 54%

Sep-89 677.2 569.6 1246.8 54%

Dec-89 705.8 579.2 1285.0 55%

Mar-90 727.5 594.4 1321.9 55%

Jun-90 732.3 594.0 1326.3 55%

Sep-90 762.5 612.9 1375.3 55%

Dec-90 808.2 609.9 1418.1 57%

Mar-91 820.7 607.8 1428.5 57%

Jun-91 823.4 583.6 1407.0 59%

Sep-91 876.0 572.0 1448.0 60%

Dec-91 911.8 565.9 1477.7 62%

Mar-92 951.2 574.1 1525.3 62%

Jun-92 954.9 579.9 1534.8 62%

Sep-92 981.5 583.6 1565.0 63%

Dec-92 1024.0 579.0 1603.0 64%

Mar-93 1029.6 565.5 1595.1 65%

Jun-93 1044.3 572.0 1616.3 65%

Sep-93 1052.7 568.2 1620.9 65%

Dec-93 1105.7 580.0 1685.7 66%

Mar-94 1115.7 582.1 1697.8 66%

Jun-94 1089.3 588.0 1677.3 65%

Sep-94 1087.9 599.2 1687.1 64%

Dec-94 1125.4 623.5 1748.9 64%

Mar-95 1182.5 654.7 1837.3 64%

Jun-95 1210.9 673.8 1884.7 64%

Sep-95 1224.1 692.7 1916.9 64%

Dec-95 1278.7 700.4 1979.0 65%

Mar-96 1315.8 717.6 2033.4 65%

Jun-96 1273.9 753.6 2027.4 63%

Sep-96 1274.3 777.4 2051.7 62%

Dec-96 1285.1 803.0 2088.0 62%

Mar-97 1314.2 861.1 2175.3 60%

Jun-97 1243.7 893.1 2136.8 58%

Sep-97 1256.4 925.7 2182.1 58%

Dec-97 1279.5 979.4 2259.0 57%

Mar-98 1286.7 1074.8 2361.5 54%

Jun-98 1204.0 1112.7 2316.7 52%

Sep-98 1186.8 1165.1 2351.9 50%

Dec-98 1230.4 1172.6 2403.0 51%

Mar-99 1257.5 1227.6 2485.1 51%

Jun-99 1173.5 1243.3 2416.9 49%

Sep-99 1170.2 1284.5 2454.6 48%

Dec-99 1247.8 1402.4 2650.3 47%

Mar-00 1261.4 1478.1 2739.6 46%

Jun-00 1136.0 1534.3 2670.2 43%

Sep-00 1115.0 1570.8 2685.9 42%

Dec-00 1145.2 1614.0 2759.2 42%

Mar-01 1182.2 1558.8 2741.0 43%

Jun-01 1060.8 1490.9 2551.8 42%

Sep-01 1185.0 1437.5 2622.5 45%

Dec-01 1221.8 1466.2 2688.0 45%

Mar-02 1256.5 1407.0 2663.6 47%

Jun-02 1228.9 1351.0 2579.9 48%

Sep-02 1259.7 1351.2 2610.9 48%

Dec-02 1307.4 1374.7 2682.1 49%

Mar-03 1387.6 1359.2 2746.8 51%

Jun-03 1418.6 1317.1 2735.7 52%

Sep-03 1436.1 1294.5 2730.6 53%

Dec-03 1492.6 1293.1 2785.7 54%

Mar-04 1543.2 1340.4 2883.6 54%

Jun-04 1510.8 1314.2 2825.0 53%

Sep-04 1504.0 1320.5 2824.5 53%

Dec-04 1533.6 1406.7 2940.3 52%

Mar-05 1590.1 1436.1 3026.2 53%

Jun-05 1474.8 1535.9 3010.8 49%

Sep-05 1494.4 1606.4 3100.8 48%

Dec-05 1578.1 1640.5 3218.6 49%

*Money market = Treasury bills, commerical paper, and bankers acceptances. 

SOURCE = Federal Reserve, Flow of Funds Z.1 56%

 as a Percentage of the Money Market

Treasury Securities with 1 Year or Less Remaining to Maturity or Call 
Treasury Auction Release Times

May 2005 - April 2006

(In Minutes and Seconds)

Auction Date Security Type Release Time Auction Date Security Type Release Time

5/2/05 13-WEEK 01:35 11/01/05 4-WEEK 01:38

5/2/05 26-WEEK 01:42 11/07/05 1-DAY 01:37

5/3/05 4-WEEK 01:35 11/07/05 13-WEEK 01:44

5/9/05 13-WEEK 01:35 11/07/05 26-WEEK 01:53

5/9/05 26-WEEK 01:40 11/08/05 4-WEEK 01:38

5/10/05 4-WEEK 01:33 11/08/05 3-YEAR 01:37

5/10/05 3-YEAR 01:34 11/09/05 5-YEAR 01:37

5/11/05 5-YEAR 01:38 11/10/05 10-YEAR 01:37

5/12/05 10-YEAR 01:35 11/14/05 13-WEEK 01:35

5/16/05 13-WEEK 02:11 11/14/05 26-WEEK 01:43

5/16/05 26-WEEK 03:08 11/15/05 4-WEEK 01:42

5/17/05 4-WEEK 01:37 11/21/05 13-WEEK 01:42

5/23/05 13-WEEK 01:30 11/21/05 26-WEEK 01:45

5/23/05 26-WEEK 01:40 11/22/05 4-WEEK 01:41

5/24/05 4-WEEK 01:33 11/23/05 2-YEAR 01:40

5/25/05 2-YEAR 01:33 11/28/05 13-WEEK 01:50

5/31/05 14-DAY 01:35 11/28/05 26-WEEK 01:53

5/31/05 13-WEEK 01:35 11/29/05 14-DAY 01:39

5/31/05 26-WEEK 01:40 11/29/05 4-WEEK 01:44

6/1/05 4-WEEK 01:35 11/30/05 13-DAY 01:40

6/2/05 12-DAY 01:37 12/05/05 13-WEEK 01:46

6/6/05 8-DAY 01:32 12/05/05 26-WEEK 01:47

6/6/05 13-WEEK 01:33 12/06/05 4-WEEK 01:40

6/6/05 26-WEEK 01:33 12/07/05 7-DAY 01:39

6/7/05 4-WEEK 01:32 12/07/05 5-YEAR 01:41

6/8/05 5-YEAR 01:36 12/08/05 9-YR 11-MO 01:38

6/9/05 9-YEAR 11-MONTH 01:33 12/12/05 13-WEEK 01:33

6/13/05 13-WEEK 01:39 12/12/05 26-WEEK 01:46

6/13/05 26-WEEK 01:40 12/13/05 4-WEEK 01:35

6/14/05 4-WEEK 01:30 12/19/05 13-WEEK 01:41

6/20/05 13-WEEK 01:30 12/19/05 26-WEEK 01:48

6/20/05 26-WEEK 01:40 12/20/05 4-WEEK 01:39

6/21/05 4-WEEK 01:55 12/27/05 13-WEEK 01:53

6/27/05 13-WEEK 01:38 12/27/05 26-WEEK 01:42

6/27/05 26-WEEK 02:19 12/28/05 4-WEEK 01:37

6/28/05 4-WEEK 01:30 12/29/05 14-DAY 01:39

6/29/05 14-DAY 01:32 12/29/05 2-YEAR 01:41

6/29/05 2-YEAR 01:35 01/03/06 13-WEEK 01:43

07/05/05 26-WEEK 01:42 01/03/06 26-WEEK 01:52

07/06/05 4-WEEK 01:32 01/04/06 4-WEEK 01:40

07/11/05 13-WEEK 01:38 01/09/06 13-WEEK 01:40

07/11/05 26-WEEK 01:42 01/09/06 26-WEEK 01:48

07/12/05 4-WEEK 01:35 01/10/06 4-WEEK 01:38

07/13/05 5-YEAR 01:37 01/11/06 5-YEAR 01:38

07/14/05 10-YEAR TIPS 01:34 01/12/06 10-YEAR TIPS 01:36

07/18/05 13-WEEK 04:56 01/17/06 13-WEEK 01:45

07/18/05 26-WEEK 04:04 01/17/06 26-WEEK 01:42

07/19/05 4-WEEK 01:35 01/18/06 4-WEEK 01:40

07/25/05 13-WEEK 01:33 01/23/06 13-WEEK 01:47

07/25/05 26-WEEK 01:39 01/23/06 26-WEEK 01:45

07/26/05 4-WEEK 01:35 01/24/06 4-WEEK 01:39

07/26/05 19-YEAR 6-MONTH TIPS 01:33 01/24/06 20-YEAR TIPS 01:39

07/27/05 2-YEAR 01:35 01/25/06 2-YEAR 01:38

08/01/05 13-WEEK 01:35 01/30/06 13-WEEK 01:41

08/01/05 26-WEEK 01:43 01/30/06 26-WEEK 01:47

08/02/05 4-WEEK 01:32 01/31/06 4-WEEK 01:39

08/08/05 13-WEEK 01:34 02/06/06 13-WEEK 01:36

08/08/05 26-WEEK 01:43 02/06/06 26-WEEK 01:45

08/08/05 3-YEAR 01:35 02/07/06 4-WEEK 01:40

08/09/05 4-WEEK 01:35 02/07/06 3-YEAR 01:39

08/10/05 5-YEAR 01:34 02/08/06 10-YEAR 01:39

08/11/05 10-YEAR 01:34 02/09/06 30-YEAR 01:43

08/15/05 13-WEEK 01:46 02/13/06 13-WEEK 01:42

08/15/05 26-WEEK 01:38 02/13/06 26-WEEK 01:42

08/16/05 4-WEEK 01:31 02/14/06 4-WEEK 01:40

08/22/05 13-WEEK 01:42 02/21/06 13-WEEK 01:40

08/22/05 26-WEEK 01:48 02/21/06 26-WEEK 01:42

08/23/05 4-WEEK 01:39 02/22/06 4-WEEK 01:38

08/24/05 2-YEAR 01:41 02/22/06 2-YEAR 01:34

08/29/05 13-WEEK 01:39 02/23/06 5-YEAR 01:38

08/29/05 26-WEEK 01:42 02/27/06 13-WEEK 01:41

08/30/05 14-DAY 01:42 02/27/06 26-WEEK 01:44

08/30/05 4-WEEK 01:39 02/28/06 4-WEEK 01:38

08/31/05 13-DAY 01:41 03/01/06 12-DAY 01:43

09/06/05 6-DAY 01:41 03/06/06 13-WEEK 01:45

09/06/05 13-WEEK 01:37 03/06/06 26-WEEK 01:38

09/06/05 26-WEEK 01:47 03/07/06 6-DAY 01:42
09/07/05 4-WEEK 01:37 03/07/06 4-WEEK 01:36

09/07/05 5-YEAR 01:38 03/09/06 9-YEAR 11-MONTH 01:44

09/08/05 9-YEAR 11-MONTH 01:35 03/13/06 13-WEEK 01:41

09/12/05 13-WEEK 01:39 03/13/06 26-WEEK 01:40

09/12/05 26-WEEK 01:42 03/14/06 1-DAY 01:39

09/13/05 4-WEEK 01:41 03/14/06 4-WEEK 01:35

09/19/05 13-WEEK 01:41 03/20/06 13-WEEK 01:40

09/19/05 26-WEEK 01:44 03/20/06 26-WEEK 01:40

09/20/05 4-WEEK 01:39 03/21/06 4-WEEK 01:38

09/26/05 13-WEEK 01:54 03/27/06 13-WEEK 01:39

09/26/05 26-WEEK 01:38 03/27/06 26-WEEK 01:41

09/27/05 4-WEEK 01:39 03/27/06 2-YEAR 01:39

09/28/05 2-YEAR 01:39 03/28/06 4-WEEK 01:41

10/03/05 13-WEEK 01:44 03/29/06 5-YEAR 01:44

10/03/05 26-WEEK 01:51 03/30/06 14-DAY 01:40

10/04/05 4-WEEK 01:39 04/03/06 13-WEEK 01:43

10/05/05 11-DAY 01:40 04/03/06 26-WEEK 01:46

10/11/05 13-WEEK 01:52 04/04/06 4-WEEK 01:36

10/11/05 26-WEEK 01:42 04/05/06 11-DAY 01:35

10/12/05 4-WEEK 01:37 04/06/06 10-DAY 01:41

10/12/05 5-YEAR 01:38 04/10/06 13-WEEK 01:53

10/13/05 9-YEAR 9-MONTH 01:38 04/10/06 26-WEEK 01:48

10/17/05 13-WEEK 01:40 04/11/06 4-WEEK 01:36

10/17/05 26-WEEK 01:43 04/12/06 4-DAY 01:42

10/18/05 4-WEEK 01:39 04/12/06 9-YEAR 9-MONTH TIPS 01:39

10/24/05 13-WEEK 01:40 04/17/06 13-WEEK 01:38

10/24/05 26-WEEK 01:47 04/17/06 26-WEEK 01:45

10/25/05 4-WEEK 01:41 04/18/06 4-WEEK 01:39

10/25/05 4-YEAR 6-MONTH TIPS 01:40 04/24/06 13-WEEK 01:38

10/26/05 2-YEAR 01:41 04/24/06 26-WEEK 01:40

10/31/05 13-WEEK 0:01:41 04/25/06 4-WEEK 01:40

10/31/05 26-WEEK 0:01:42 04/25/06 5-YEAR TIPS 01:39

04/26/06 2-YEAR 01:40

04/27/06 5-YEAR 01:40