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 debt ... (full story)