The Treasury Department said it expects to borrow $209 billion in the third quarter and end with a $95 billion cash balance.

The estimate is lower than the $223 billion Treasury expected to borrow in the quarter.

In the fourth quarter, Treasury is projecting $235 billion of borrowing.

In the second quarter, Treasury said it paid down $11 billion in debt, compared to the $35 billion it planned to pay down, and it ended the quarter with a $135 billion cash balance, compared to the $75 billion balance it had projected.

Treasury will detail its quarterly refunding Wednesday morning at 8:30 a.m., Eastern time.

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