Treasury Financing Requirements

($ Billions)

 (Projected) (Actuals) 

Deficit Funding (Def + / Surplus -) 127 118 

Means of Financing

Change in Cash Balance 11 12 Net Non-Marketable Financing 5 2 Net Marketable Financing 100 98 Other* 10 7 

Net Marketable Financing 100 98 

Bills 42Nominal Notes 48TIPS 21Bonds -13

Notes:Starting Cash Balance 36 36 Ending Cash Balance 25 25 

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

 October - December 2004 
FY 2003 FY 2004 FY 2005

Date Total Date Total Date Total

10/1/2002 42.2 10/1/2003 21.2 10/1/2004 18.3

10/2/2002 45.6 10/2/2003 14.0 10/4/2004 21.5

10/3/2002 16.2 10/3/2003 13.3 10/5/2004 17.4

10/4/2002 16.6 10/6/2003 13.5 10/6/2004 20.5

10/7/2002 16.7 10/7/2003 8.8 10/7/2004 14.2

10/8/2002 16.5 10/8/2003 5.8 10/8/2004 10.9

10/9/2002 15.5 10/9/2003 6.1 10/11/2004 10.9

10/10/2002 12.9 10/10/2003 3.2 10/12/2004 10.9

10/11/2002 10.5 10/13/2003 3.2 10/13/2004 12.9

10/14/2002 10.5 10/14/2003 4.2 10/14/2004 20.4

10/15/2002 20.9 10/15/2003 5.7 10/15/2004 25.9

10/16/2002 22.9 10/16/2003 19.6 10/18/2004 34.5

10/17/2002 24.6 10/17/2003 19.5 10/19/2004 32.4

10/18/2002 24.5 10/20/2003 21.7 10/20/2004 30.9

10/21/2002 27.7 10/21/2003 20.1 10/21/2004 35.4

10/22/2002 25.9 10/22/2003 20.3 10/22/2004 32.0

10/23/2002 25.4 10/23/2003 28.0 10/25/2004 33.7

10/24/2002 29.3 10/24/2003 25.9 10/26/2004 27.8

10/25/2002 28.5 10/27/2003 27.6 10/27/2004 25.7

10/28/2002 31.1 10/28/2003 23.4 10/28/2004 31.4

10/29/2002 29.1 10/29/2003 26.9 10/29/2004 48.1

10/30/2002 30.3 10/30/2003 36.0 11/1/2004 35.1

10/31/2002 43.7 10/31/2003 35.0 11/2/2004 34.1

11/1/2002 10.6 11/3/2003 14.0 11/3/2004 14.9

11/4/2002 14.0 11/4/2003 10.5 11/4/2004 23.3

11/5/2002 7.5 11/5/2003 11.5 11/5/2004 19.9

11/6/2002 11.0 11/6/2003 14.3 11/8/2004 21.1

11/7/2002 13.8 11/7/2003 11.6 11/9/2004 16.4

11/8/2002 11.9 11/10/2003 11.6 11/10/2004 12.9

11/11/2002 11.9 11/11/2003 11.6 11/11/2004 12.9

11/12/2002 12.4 11/12/2003 6.0 11/12/2004 28.9

11/13/2002 10.1 11/13/2003 5.9 11/15/2004 10.5

11/14/2002 18.5 11/14/2003 5.5 11/16/2004 13.4

11/15/2002 27.1 11/17/2003 22.7 11/17/2004 10.5

11/18/2002 34.8 11/18/2003 20.2 11/18/2004 6.3

11/19/2002 32.0 11/19/2003 19.6 11/19/2004 5.1

11/20/2002 30.5 11/20/2003 18.7 11/22/2004 6.0

11/21/2002 30.4 11/21/2003 16.9 11/23/2004 18.1

11/22/2002 27.7 11/24/2003 17.2 11/24/2004 14.1

11/25/2002 29.1 11/25/2003 12.4 11/25/2004 14.1

11/26/2002 28.0 11/26/2003 12.2 11/26/2004 20.6

11/27/2002 27.4 11/27/2003 12.2 11/29/2004 24.3

11/28/2002 27.4 11/28/2003 21.4 11/30/2004 18.0

11/29/2002 30.9 12/1/2003 9.1 12/1/2004 7.6

12/2/2002 27.4 12/2/2003 6.6 12/2/2004 8.5

12/3/2002 6.0 12/3/2003 17.7 12/3/2004 7.4

12/4/2002 4.6 12/4/2003 14.9 12/6/2004 7.0

12/5/2002 5.1 12/5/2003 10.8 12/7/2004 15.5

12/6/2002 3.1 12/8/2003 12.3 12/8/2004 12.3

12/9/2002 5.0 12/9/2003 7.6 12/9/2004 5.4

12/10/2002 14.4 12/10/2003 6.2 12/10/2004 6.4

12/11/2002 14.1 12/11/2003 3.6 12/13/2004 11.4

12/12/2002 7.1 12/12/2003 5.5 12/14/2004 13.7

12/13/2002 10.3 12/15/2003 41.6 12/15/2004 39.8

12/16/2002 35.0 12/16/2003 46.4 12/16/2004 33.6

12/17/2002 35.2 12/17/2003 45.3 12/17/2004 32.8

12/18/2002 35.8 12/18/2003 30.4 12/20/2004 36.2

12/19/2002 28.3 12/19/2003 32.5 12/21/2004 35.1

12/20/2002 27.9 12/22/2003 37.5 12/22/2004 34.6
12/23/2002 32.0 12/23/2003 34.5 12/23/2004 24.5

12/24/2002 27.2 12/24/2003 32.8 12/24/2004 26.9

12/25/2002 27.2 12/25/2003 32.8 12/27/2004 31.9

12/26/2002 23.5 12/26/2003 22.1 12/28/2004 30.5

12/27/2002 25.9 12/29/2003 29.8 12/29/2004 34.8

12/30/2002 33.5 12/30/2003 32.8 12/30/2004 20.0

12/31/2002 33.0 12/31/2003 33.2 12/31/2004 24.7

1/1/2003 33.0 1/1/2004 33.2 1/3/2005 20.5

1/2/2003 33.8 1/2/2004 13.9 1/4/2005 16.8

1/3/2003 11.3 1/5/2004 15.9 1/5/2005 21.0

1/6/2003 13.4 1/6/2004 11.9 1/6/2005 10.2

1/7/2003 11.6 1/7/2004 15.8 1/7/2005 8.4

1/8/2003 10.1 1/8/2004 6.5 1/10/2005 13.7

1/9/2003 4.8 1/9/2004 7.5 1/11/2005 12.4

1/10/2003 7.1 1/12/2004 11.6 1/12/2005 10.6

1/13/2003 11.6 1/13/2004 11.3 1/13/2005 10.8

1/14/2003 14.6 1/14/2004 12.8 1/14/2005 10.9

1/15/2003 8.0 1/15/2004 21.7 1/17/2005 10.9

1/16/2003 7.3 1/16/2004 30.0 1/18/2005 28.1

1/17/2003 10.5 1/19/2004 30.0 1/19/2005 38.3

1/20/2003 10.5 1/20/2004 35.9 1/20/2005 36.3

1/21/2003 17.2 1/21/2004 51.0 1/21/2005 42.8

1/22/2003 32.1 1/22/2004 51.0 1/24/2005 52.2

1/23/2003 30.9 1/23/2004 52.0 1/25/2005 52.8

1/24/2003 29.9 1/26/2004 57.0 1/26/2005 54.8

1/27/2003 35.3 1/27/2004 55.3 1/27/2005 50.0

1/28/2003 32.8 1/28/2004 54.7 1/28/2005 45.0 estimate

1/29/2003 36.5 1/29/2004 56.1 1/31/2005

1/30/2003 35.7 1/30/2004 42.5

1/31/2003 31.2 2/2/2004 45.4

2/3/2003 12.9 2/3/2004 21.0

2/4/2003 8.5 2/4/2004 22.7

2/5/2003 9.5 2/5/2004 30.5

2/6/2003 18.5 2/6/2004 18.6

2/7/2003 5.2 2/9/2004 22.3

2/10/2003 8.1 2/10/2004 19.1

2/11/2003 5.3 2/11/2004 17.8

2/12/2003 4.1 2/12/2004 29.9

2/13/2003 13.1 2/13/2004 9.9

2/14/2003 6.5 2/16/2004 9.9

2/17/2003 6.5 2/17/2004 25.1

2/18/2003 13.2 2/18/2004 20.5

2/19/2003 9.5 2/19/2004 34.3

2/20/2003 21.3 2/20/2004 16.9

2/21/2003 6.8 2/23/2004 22.1

2/24/2003 10.8 2/24/2004 18.7

2/25/2003 7.3 2/25/2004 16.9

2/26/2003 6.1 2/26/2004 25.1

2/27/2003 18.5 2/27/2004 16.7

2/28/2003 8.6 3/1/2004 9.9

3/3/2003 14.8 3/2/2004 8.8

3/4/2003 11.5 3/3/2004 14.9

3/5/2003 11.1 3/4/2004 18.2

3/6/2003 16.1 3/5/2004 9.2

3/7/2003 9.2 3/8/2004 12.8

3/10/2003 12.5 3/9/2004 9.6

3/11/2003 9.1 3/10/2004 7.0

3/12/2003 7.0 3/11/2004 13.0

3/13/2003 14.3 3/12/2004 8.1

3/14/2003 9.1 3/15/2004 30.1

3/17/2003 10.7 3/16/2004 35.4

3/18/2003 8.3 3/17/2004 32.9

3/19/2003 4.4 3/18/2004 37.3

3/20/2003 14.0 3/19/2004 32.4
3/21/2003 8.3 3/22/2004 34.0

3/24/2003 11.2 3/23/2004 30.1

3/25/2003 10.0 3/24/2004 26.4

3/26/2003 6.2 3/25/2004 25.7

3/27/2003 7.2 3/26/2004 18.3

3/28/2003 5.1 3/29/2004 21.5

3/31/2003 13.3 3/30/2004 17.8

4/1/2003 5.1 3/31/2004 21.3

4/2/2003 6.4 4/1/2004 4.9

4/3/2003 11.5 4/2/2004 5.6

4/4/2003 7.5 4/5/2004 4.6

4/7/2003 9.0 4/6/2004 6.8

4/8/2003 6.8 4/7/2004 9.5

4/9/2003 11.2 4/8/2004 14.4

4/10/2003 9.1 4/9/2004 9.8

4/11/2003 5.2 4/12/2004 10.7

4/14/2003 11.2 4/13/2004 11.5

4/15/2003 7.9 4/14/2004 15.9

4/16/2003 16.2 4/15/2004 20.7

4/17/2003 6.6 4/16/2004 27.3

4/18/2003 12.1 4/19/2004 19.8

4/21/2003 22.8 4/20/2004 30.3

4/22/2003 16.6 4/21/2004 38.1

4/23/2003 21.9 4/22/2004 30.5

4/24/2003 15.5 4/23/2004 30.7

4/25/2003 15.0 4/26/2004 42.8

4/28/2003 13.6 4/27/2004 52.2

4/29/2003 13.3 4/28/2004 53.8

4/30/2003 28.4 4/29/2004 44.9

5/1/2003 12.7 4/30/2004 40.4

5/2/2003 19.2 5/3/2004 20.3

5/5/2003 20.3 5/4/2004 17.2

5/6/2003 22.2 5/5/2004 19.5

5/7/2003 24.4 5/6/2004 19.6

5/8/2003 13.3 5/7/2004 16.2

5/9/2003 9.6 5/10/2004 17.1

5/12/2003 11.0 5/11/2004 13.2

5/13/2003 10.5 5/12/2004 11.3

5/14/2003 9.1 5/13/2004 15.0

5/15/2003 9.1 5/14/2004 13.7

5/16/2003 12.4 5/17/2004 23.3

5/19/2003 12.5 5/18/2004 20.7

5/20/2003 6.9 5/19/2004 18.2

5/21/2003 9.7 5/20/2004 22.8

5/22/2003 15.4 5/21/2004 20.5

5/23/2003 11.5 5/24/2004 21.7

5/26/2003 11.5 5/25/2004 16.6

5/27/2003 8.2 5/26/2004 13.4

5/28/2003 4.9 5/27/2004 15.2

5/29/2003 16.8 5/28/2004 15.9

5/30/2003 7.5 5/31/2004 15.9

6/2/2003 9.0 6/1/2004 3.5

6/3/2003 6.9 6/2/2004 1.6

6/4/2003 6.8 6/3/2004 12.1

6/5/2003 12.7 6/4/2004 8.2

6/6/2003 9.0 6/7/2004 8.1

6/9/2003 10.6 6/8/2004 3.7

6/10/2003 8.3 6/9/2004 5.9

6/11/2003 7.6 6/10/2004 8.8

6/12/2003 25.7 6/11/2004 7.2

6/13/2003 7.1 6/14/2004 10.9

6/16/2003 25.6 6/15/2004 41.6

6/17/2003 30.4 6/16/2004 47.1

6/18/2003 33.0 6/17/2004 39.6
6/19/2003 27.7 6/18/2004 42.8

6/20/2003 31.4 6/21/2004 49.8

6/23/2003 37.3 6/22/2004 53.4

6/24/2003 34.2 6/23/2004 53.1

6/25/2003 34.2 6/24/2004 37.9

6/26/2003 21.0 6/25/2004 38.6

6/27/2003 21.5 6/28/2004 43.8

6/30/2003 30.0 6/29/2004 43.3

7/1/2003 13.5 6/30/2004 44.6

7/2/2003 15.2 7/1/2004 9.5

7/3/2003 13.1 7/2/2004 8.4

7/7/2003 17.6 7/5/2004 8.4

7/8/2003 12.7 7/6/2004 7.3

7/9/2003 13.0 7/7/2004 3.5

7/10/2003 10.2 7/8/2004 5.8

7/11/2003 9.8 7/9/2004 5.0

7/14/2003 16.3 7/12/2004 8.1

7/15/2003 24.9 7/13/2004 4.7

7/16/2003 29.0 7/14/2004 5.6

7/17/2003 26.4 7/15/2004 10.2

7/18/2003 26.2 7/16/2004 14.4

7/21/2003 27.8 7/19/2004 16.6

7/22/2003 24.1 7/20/2004 13.2

7/23/2003 22.9 7/21/2004 12.6

7/24/2003 20.2 7/22/2004 24.4

7/25/2003 20.4 7/23/2004 24.7

7/28/2003 24.0 7/26/2004 27.9

7/29/2003 21.6 7/27/2004 25.2

7/30/2003 24.4 7/28/2004 22.3

7/31/2003 45.1 7/29/2004 33.4

8/1/2003 9.5 7/30/2004 34.6

8/4/2003 10.7 8/2/2004 30.4

8/5/2003 13.2 8/3/2004 6.2

8/6/2003 15.8 8/4/2004 8.1

8/7/2003 14.3 8/5/2004 6.3

8/8/2003 14.7 8/6/2004 5.5

8/11/2003 16.9 8/9/2004 8.7

8/12/2003 12.5 8/10/2004 6.2

8/13/2003 10.4 8/11/2004 4.7

8/14/2003 17.7 8/12/2004 6.6

8/15/2003 5.5 8/13/2004 4.1

8/18/2003 12.3 8/16/2004 9.1

8/19/2003 9.3 8/17/2004 6.7

8/20/2003 10.3 8/18/2004 5.8

8/21/2003 16.1 8/19/2004 5.8

8/22/2003 15.6 8/20/2004 5.9

8/25/2003 18.1 8/23/2004 9.2

8/26/2003 14.9 8/24/2004 5.4

8/27/2003 13.1 8/25/2004 3.7

8/28/2003 14.7 8/26/2004 7.4

8/29/2003 5.4 8/27/2004 7.1

9/1/2003 5.4 8/30/2004 8.6

9/2/2003 13.5 8/31/2004 2.5

9/3/2003 12.1 9/1/2004 6.7

9/4/2003 9.9 9/2/2004 11.0

9/5/2003 7.7 9/3/2004 5.9

9/8/2003 9.8 9/6/2004 5.9

9/9/2003 7.2 9/7/2004 6.6

9/10/2003 6.1 9/8/2004 8.7

9/11/2003 6.9 9/9/2004 7.1

9/12/2003 9.0 9/10/2004 4.8

9/15/2003 37.4 9/13/2004 8.2

9/16/2003 48.4 9/14/2004 12.5

9/17/2003 50.7 9/15/2004 33.3
9/18/2003 36.5 9/16/2004 28.1

9/19/2003 44.0 9/17/2004 30.9

9/22/2003 50.4 9/20/2004 38.0

9/23/2003 49.5 9/21/2004 49.7

9/24/2003 47.3 9/22/2004 49.3

9/25/2003 26.1 9/23/2004 35.5

9/26/2003 23.4 9/24/2004 33.5

9/29/2003 27.0 9/27/2004 35.4

9/30/2003 35.0 9/28/2004 32.2

9/29/2004 38.5

9/30/2004 36.3
Treasury Quarterly Net Market Borrowing 

$ billions

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

Calendar Year Quarters

1998 1Q 4.7 -14.1 16.9 2.8 10.3

2Q -79.0 -18.6 -8.7 8.4 -97.9

3Q -3.5 -9.3 -37.1 11.1 -38.8

4Q 53.3 -5.9 -26.5 3.1 24.0

1999 1Q 34.5 -1.8 -29.4 2.5 5.8

2Q -77.7 -0.1 -43.4 7.4 -113.8

3Q 5.3 3.4 -27.4 2.8 -15.9

4Q 83.9 0.6 -44.9 7.4 47.0

2000 1Q 16.2 -1.6 -34.7 2.0 -2.0 -20.1

2Q -123.4 -5.5 -49.5 -2.7 -11.0 -192.1

3Q -13.8 -26.6 -4.8 5.8 -8.3 -47.7

4Q 30.7 -30.9 -22.1 5.0 -8.8 -26.1

2001 1Q 65.2 -29.2 -19.5 9.4 -8.0 17.8

2Q -92.0 -34.1 -26.4 -1.8 -9.3 -163.4

3Q 114.8 -10.3 -26.1 3.8 -7.8 74.4

4Q 76.4 65.7 -84.7 3.3 -8.5 52.1

2002 1Q 23.2 26.6 8.7 -6.0 0.0 52.5

2Q -11.9 49.3 -18.3 0.0 -4.0 15.1

3Q 45.8 76.9 -38.5 0.0 0.0 84.2

4Q 20.5 68.6 -2.3 -4.2 0.0 82.6

2003 1Q 66.3 59.6 -11.5 -3.0 0.0 111.3

2Q -27.3 78.1 12.8 -3.2 0.0 60.3

3Q -9.6 62.7 34.0 -5.6 0.0 81.5

4Q 10.6 44.1 71.2 -12.5 0.0 113.4

2004 1Q 56.2 30.9 58.7 0.0 0.0 145.9

2Q -38.2 25.8 52.0 -8.4 0.0 31.3

3Q 14.7 16.7 50.6 7.0 0.0 89.0

4Q 41.7 20.4 48.2 -12.5 0.0 97.8
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
Year Outlays Revenue GDP growth Net Interest

1960 17.8 17.8 5.9 1.3

1961 18.4 17.8 2.1 1.3

1962 18.8 17.6 7.2 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 7.2 1.2

1966 17.8 17.3 9.9 1.2

1967 19.4 18.4 7.2 1.3

1968 20.5 17.6 7.2 1.3

1969 19.4 19.7 9.2 1.3

1970 19.3 19.0 6.8 1.4

1971 19.5 17.3 6.7 1.4

1972 19.6 17.6 8.9 1.3

1973 18.7 17.6 11.4 1.3

1974 18.7 18.3 9.8 1.5

1975 21.3 17.9 8.5 1.5

1976 21.4 17.1 11.4 1.5

1976.5 20.9 17.7 13.5 1.5

1977 20.7 18.0 13.5 1.5

1978 20.7 18.0 12.4 1.6

1979 20.1 18.5 12.8 1.7

1980 21.7 19.0 8.9 1.9

1981 22.2 19.6 12.2 2.2

1982 23.1 19.2 5.5 2.6

1983 23.5 17.4 6.7 2.6

1984 22.1 17.3 11.7 2.9

1985 22.8 17.7 7.9 3.1

1986 22.5 17.5 6.2 3.1

1987 21.6 18.4 5.6 3.0

1988 21.2 18.1 7.7 3.0

1989 21.2 18.3 7.8 3.1

1990 21.8 18.0 6.2 3.2

1991 22.3 17.8 3.4 3.3

1992 22.1 17.5 5.2 3.2

1993 21.4 17.5 5.4 3.0

1994 21 18.1 5.9 2.9

1995 20.7 18.5 5.2 3.2

1996 20.3 18.9 5.1 3.1

1997 19.6 19.3 6.4 3.0

1998 19.2 20.0 5.4 2.8

1999 18.6 20.0 5.8 2.5

2000 18.4 20.9 6.4 2.3

2001 18.6 19.8 3.4 2.1

2002 19.4 17.9 3.3 1.6

2003 19.9 16.5 4.4 1.4

2004 20.2 15.7 5.9 1.4

2005 19.9 16.9 5.0 1.5

2006 19.6 17.4 5.0 1.7

2007 19.5 17.7 5.0 1.9

2008 19.5 17.8 5.2 2.0

2009 19.4 17.8 5.2 2.0

Source: OMB MSR Budget FY 2005

Estimate

Drivers of Financing Needs

Percentage of GDP
2005 2006 2007 2008 2009

4-WEEK 15 15 16 17 19

13-WEEK 18 18 19 20 22

26-WEEK 21 21 22 23 26

Note: Auction sizes are hypothetical if coupon sizes were held at current levels

$ Billions 2005 2006 2007 2008 2009

BILLS 25 25 25 25 25

2-YEAR 31 31 33 33 36

3-YEAR 26 27 29 29 33

5-YEAR 16 16 17 17 19

10-YEAR 13 13 14 14 16

5-YEAR TIPS 10 10 13 14 19

10-YEAR TIPS 10 10 11 12 15

TIPS BONDS 10 10 13 14 19

Note: Auction sizes are hypothetical if bill issuance held constant at FY 2005 level

AVERAGE AUCTION SIZE

AVERAGE AUCTION SIZE
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

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 33.40 54.31

9/30/05 35.2 52.2

9/30/06 36.3 50.4

9/30/07 35.6 48.9

9/30/08 35.0 47.3

9/30/09 34.7 45.6

Projected
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%

9/30/2004 53.0% 27.2% 11.0% 6.0% 0.0% 2.8%

9/30/2005 56.0% 25.2% 9.9% 5.3% 0.0% 3.8%

9/30/2006 56.6% 24.0% 10.2% 5.2% 0.0% 4.1%

9/30/2007 56.1% 24.8% 10.0% 4.9% 0.0% 4.0%

9/30/2008 56.4% 25.2% 9.6% 4.7% 0.0% 3.8%

9/30/2009 59.8% 22.3% 9.3% 4.5% 0.0% 3.6%
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 25.1% 24.3% 13.6% 16.9% 14.4% 5.7%

9/30/2005 25.1% 24.1% 15.3% 16.3% 12.3% 7.0%

9/30/2006 23.6% 23.5% 17.3% 15.9% 11.2% 8.5%

9/30/2007 23.3% 22.6% 18.8% 15.5% 10.5% 9.3%

9/30/2008 23.3% 21.6% 19.4% 15.9% 9.6% 10.2%

9/30/2009 24.9% 20.7% 18.6% 15.7% 9.0% 11.0%
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%

9/30/2004 39.1% 53.4% 61.0%

9/30/2005 37.9% 53.6% 62.5%

9/30/2006 38.3% 54.3% 63.2%

9/30/2007 38.4% 54.8% 62.9%

9/30/2008 38.9% 54.8% 62.6%

9/30/2009 40.1% 54.7% 62.6%
Treasury Annual Net Market Borrowing

<5

Bills 2-under 5 years 5-10 years over 10 years Buybacks Coupons Totals

$ billions Total

1998 -64.3 -44.1 -25.9 24.9 0.0 -45.1 -109.4

1999 15.4 -4.4 -126.7 15.8 0.0 -115.3 -99.9

2000 -37.1 -33.1 -133.9 12.5 -21.3 -175.8 -212.9

2001 118.7 -104.5 -94.1 16.4 -33.9 -216.1 -97.4

2002 133.4 218.5 -132.7 -2.7 -12.5 70.5 203.9

2003 50.0 269.0 32.9 -16.1 0.0 285.8 335.7

2004 43.3 117.6 232.5 -13.9 0.0 336.2 379.5

2005 103 88 227 -14 0 301 404

2006 3 44 222 8 0 274 277

2007 46 14 177 16 0 206 252

2008 61 10 175 -2 0 184 245

2009 145 7 81 12 0 101 246

Estimates
Primary Dealers CBO OMB

Current: 370 368 427

Range based on average absolute error 287-453 267-469 342-512

Estimates as of: 1/28/05 1/25/05 1/25/05

Note: Ranges based on Errors from 1997-2004 

FY 05 Deficit Estimates 

($ Billions)
Financing Residuals Given Current Issuance Pattern

Note: FY 2005 Net Financing amount is an internal Treasury estimate 

$ billions, Fiscal Year

Budget estimates 2005 2006 2007 2008 2009

line Plus average absolute error in OMB estimate 498 441 487 553 602

OMB MSR FY2005 Budget--- Net Financing 403 275 251 246 247

Minus average absolute error in OMB estimate 308 109 15 -61 -108

Note: (+) Deficit, (-) Surplus

Estimated financing changes from current pattern

bar Plus average absolute error in OMB estimate 187 167 274 361 497

OMB MSR FY2005 Budget--- Net Financing 92 1 38 54 142

Minus average absolute error in OMB estimate -3 -165 -198 -253 -213

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, 2004 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. 
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 52% 28%

3Q 52% 29%

4Q* 53% 29%

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

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 November 30, 2004.

 FOREIGN HOLDINGS AS A PERCENT OF TOTAL PRIVATELY HELD PUBLIC DEBT 1/
$ 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%

 as a Percentage of the Money Market

Treasury Securities with 1 Year or Less Remaining to Maturity or Call 
$ billions

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

 as a Percentage of the Money Market

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%

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

SOURCE = Federal Reserve, Flow of Funds Z.1
Treasury Auction Release Times

February 2004 - January 2005

(In Minutes and Seconds)

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

02/02/04 13-WEEK 01:34 07/28/04 2-YEAR 01:37

02/02/04 26-WEEK 01:40 08/02/04 13-WEEK 01:30

02/03/04 4-WEEK 01:32 08/02/04 26-WEEK 00:52

02/09/04 13-WEEK 01:35 08/03/04 4-WEEK 01:36

02/09/04 26-WEEK 01:38 08/09/04 13-WEEK 01:32

02/10/04 4-WEEK 01:31 08/09/04 26-WEEK 01:47

02/10/04 3-YEAR 01:31 08/09/04 3-YEAR 01:33

02/11/04 5-YEAR 01:32 08/10/04 4-WEEK 01:31

02/12/04 10-YEAR 01:32 08/11/04 5-YEAR 01:33

02/17/04 13-WEEK 01:38 08/12/04 10-YEAR 01:38

02/17/04 26-WEEK 01:39 08/16/04 13-WEEK 01:37

02/18/04 4-WEEK 01:34 08/16/04 26-WEEK 01:38

02/23/04 13-WEEK 01:34 08/17/04 4-WEEK 01:35

02/23/04 26-WEEK 01:43 08/23/04 13-WEEK 01:37

02/24/04 4-WEEK 01:33 08/23/04 26-WEEK 01:42

02/25/04 2-YEAR 01:31 08/24/04 4-WEEK 01:36

03/01/04 13-WEEK 01:39 08/25/04 2-YEAR 01:35

03/01/04 26-WEEK 01:31 08/30/04 13-WEEK 01:32

03/02/04 12-DAY 01:34 08/30/04 26-WEEK 01:47

03/02/04 4-WEEK 01:31 08/31/04 14-DAY 01:32

03/08/04 13-WEEK 01:37 08/31/04 4-WEEK 01:31

03/08/04 26-WEEK 01:40 09/02/04 12-DAY 01:37

03/09/04 4-WEEK 01:32 09/07/04 7-DAY 01:37

03/10/04 5-YEAR 01:36 09/07/04 13-WEEK 01:38

03/11/04 9-YEAR 11 MONTH 01:33 09/07/04 26-WEEK 01:47

03/15/04 13-WEEK 01:32 09/08/04 4-WEEK 01:34

03/15/04 26-WEEK 01:37 09/08/04 5-YEAR 01:34

03/16/04 4-WEEK 01:31 09/09/04 9-YEAR 11 MONTH 01:35

03/22/04 26-WEEK 01:57 09/13/04 13-WEEK 01:41

03/22/04 13-WEEK 01:54 09/13/04 26-WEEK 01:42

03/23/04 4-WEEK 01:45 09/14/04 4-WEEK 01:38

03/24/04 2-YEAR 01:31 09/20/04 13-WEEK 01:48

03/29/04 13-WEEK 01:37 09/20/04 26-WEEK 01:43

03/29/04 26-WEEK 01:33 09/21/04 4-WEEK 01:38

03/30/04 4-WEEK 01:32 09/27/04 13-WEEK 01:37

04/01/04 13-DAY 01:34 09/27/04 26-WEEK 01:56

04/05/04 13-WEEK 01:38 09/28/04 4-WEEK 01:38

04/05/04 26-WEEK 01:31 09/29/04 14-DAY 01:35

04/05/04 14-DAY 01:31 09/29/04 2-YEAR 01:41

04/06/04 4-WEEK 01:31 10/04/04 13-WEEK 01:35

04/06/04 5-YEAR 01:33 10/04/04 26-WEEK 01:37

04/07/04 11-DAY 01:34 10/05/04 4-WEEK 01:35

04/07/04 9-YEAR 9-MONTH TIPS 01:32 10/06/04 5-YEAR 01:23

04/12/04 13-WEEK 01:41 10/07/04 9-YR 9-MO TIPS 01:40

04/12/04 26-WEEK 01:39 10/12/04 2-DAY 01:34

04/13/04 4-WEEK 01:35 10/12/04 13-WEEK 01:43

04/19/04 13-WEEK 01:36 10/12/04 26-WEEK 01:37

04/19/04 26-WEEK 01:35 10/13/04 4-WEEK 01:46

04/20/04 4-WEEK 01:32 10/18/04 13-WEEK 01:37

04/26/04 13-WEEK 01:34 10/18/04 26-WEEK 01:50

04/26/04 26-WEEK 01:34 10/19/04 4-WEEK 01:37

04/27/04 4-WEEK 01:31 10/25/04 13-WEEK 01:43

04/28/04 2-YEAR 01:38 10/25/04 26-WEEK 02:15

05/03/04 13-WEEK 01:32 10/26/04 4-WEEK 01:37

05/03/04 26-WEEK 01:40 10/26/04 5-YR 6-MO TIPS 01:42

05/04/04 4-WEEK 01:31 10/27/04 2-YEAR 01:54

05/10/04 13-WEEK 01:34 11/01/04 13-WEEK 01:41

05/10/04 26-WEEK 01:44 11/01/04 26-WEEK 01:37

05/11/04 4-WEEK 01:35 11/02/04 4-WEEK 01:35

05/11/04 3-YEAR 01:34 11/08/04 13-WEEK 01:36

05/12/04 5-YEAR 01:35 11/08/04 26-WEEK 01:42

05/13/04 10-YEAR 01:35 11/08/04 3-YEAR 03:33

05/17/04 13-WEEK 01:32 11/09/04 4-WEEK 01:31

05/17/04 26-WEEK 01:41 11/09/04 5-YEAR 01:39

05/18/04 4-WEEK 01:34 11/10/04 10-YEAR 02:53

05/24/04 13-WEEK 01:52 11/15/04 13-WEEK 01:31

05/24/04 26-WEEK 01:32 11/15/04 26-WEEK 01:51

05/25/04 4-WEEK 01:35 11/17/04 5-DAY 01:34

05/26/04 2-YEAR 01:38 11/19/04 4-WEEK 01:34

05/27/04 13-DAY 01:34 11/22/04 13-WEEK 01:36

06/01/04 13-WEEK 01:34 11/22/04 26-WEEK 01:40

06/01/04 26-WEEK 01:43 11/23/04 4-WEEK 01:35

06/02/04 12-DAY 01:35 11/23/04 2-YEAR 01:35

06/02/04 4-WEEK 01:37 11/29/04 13-WEEK 28:19

06/07/04 13-WEEK 01:34 11/29/04 26-WEEK 28:24

06/07/04 26-WEEK 01:38 11/30/04 14-DAY 01:35

06/08/04 2-DAY 01:38 11/30/04 4-WEEK 01:36

06/08/04 4-WEEK 01:34 12/01/04 12-DAY 01:36

06/09/04 5-YEAR 01:30 12/03/04 8-DAY 01:36

06/10/04 9-YEAR 11 MONTH 01:39 12/06/04 13-WEEK 01:33

06/14/04 13-WEEK 01:44 12/06/04 26-WEEK 01:44

06/14/04 26-WEEK 01:34 12/07/04 4-WEEK 01:32

06/15/04 4-WEEK 01:41 12/08/04 5-YEAR 01:35

06/21/04 13-WEEK 01:38 12/09/04 10-YEAR 01:37

06/21/04 26-WEEK 01:46 12/13/04 13-WEEK 01:32

06/22/04 4-WEEK 01:37 12/13/04 26-WEEK 01:40

06/23/04 2-YEAR 01:42 12/14/04 4-WEEK 01:32

06/28/04 13-WEEK 01:41 12/20/04 13-WEEK 01:33

06/28/04 26-WEEK 01:35 12/20/04 26-WEEK 01:42

06/29/04 4-WEEK 01:32 12/21/04 4-WEEK 01:33

07/01/04 13-DAY 01:33 12/27/04 13-WEEK 01:35

07/06/04 7-DAY 01:34 12/27/04 26-WEEK 01:44

07/06/04 13-WEEK 01:47 12/28/04 4-WEEK 01:36

07/06/04 26-WEEK 01:42 12/29/04 2-YEAR 01:40

07/07/04 4-WEEK 01:34 12/30/04 15-DAY 01:35

07/07/04 5-YEAR 01:34 01/03/05 13-WEEK 01:43

07/08/04 10-YEAR TIPS 01:31 01/03/05 26-WEEK 01:36

07/12/04 13-WEEK 01:36 01/04/05 4-WEEK 01:36

07/12/04 26-WEEK 01:43 01/10/05 13-WEEK 01:40

07/13/04 4-WEEK 01:38 01/10/05 26-WEEK 01:53

07/19/04 13-WEEK 01:41 01/11/05 5-DAY 01:36

07/19/04 26-WEEK 01:41 01/11/05 4-WEEK 01:35

07/20/04 4-WEEK 01:35 01/12/05 5-YEAR 01:36

07/26/04 13-WEEK 01:38 01/13/05 10-YEAR TIPS 01:35

07/26/04 26-WEEK 01:42 01/18/05 13-WEEK 01:49

07/27/04 4-WEEK 01:35 01/18/05 26-WEEK 01:35

07/27/04 20-YEAR TIPS 01:39 01/19/05 4-WEEK 01:35