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US to pay down debt for first time since 2007
The US government expects to pay down debt in the current quarter for the first time in six years, the Treasury Department has said, citing stronger-than-expected revenues. It said it would pay down $35bn (£22.6bn) in net marketable debt in the April-June quarter, and would likely end the quarter with a cash balance of $75bn. In February, it estimated that it would need to borrow $103bn, even as it projected a smaller end-of-quarter cash balance. It is the first retirement of government debt since a $145bn paydown in the April-June 2007 quarter. The Treasury also said it expects to issue $223bn in net marketable ... (full story)
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