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Treasury To Pay Off Debts For First Time Since 2007

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File photo of Treasury Secretary Jack Lew. (credit: Getty Images)

File photo of Treasury Secretary Jack Lew. (credit: Getty Images)

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WASHINGTON (CBSDC) –  The U.S. Treasury is doing something it hasn’t done in almost six years: paying off some debt.

A recent projection has the Treasury paying off $35 billion of debt in the third fiscal quarter, according to MarketWatch. The government said Monday that its latest projection comes after initial news in February had the government borrowing another $103 billion.

The stark turnaround in fiscal projections represents the first time that the Treasury has paid off debt since the second fiscal quarter of 2007.

Higher receipts and lower outlays were the reason for the altered projection, according to the Treasury.

But the change in fortune is expected to be short-lived. The government is expected to borrow $223 billion for the fourth fiscal quarter, which starts in July.

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