The U.S. Treasury Department lowered its borrowing
estimate for the current quarter by 18 percent to $444 billion, reflecting higher receipts and lower spending.
The Treasury reduced its net borrowing estimate for January through March by $97 billion from a projection of $541 billion three months ago. U.S. Treasury officials also see net borrowing of $200 billion in the second quarter. The estimates set the stage for the Treasury’s quarterly refunding announcement on Feb. 1.
An accelerating economy is boosting tax revenue
, helping the administration of President Barack Obama
control a budget deficit
it forecasts will narrow to $956 billion this fiscal year. Gross domestic product expanded at a 2.8 percent annual pace in the fourth quarter of last year, the most since the second quarter of 2010.