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U.S. Treasury slashes Q1 borrowing estimate due to higher cash balance

Feb 1 (Reuters) - The U.S. Treasury said on Monday it plans to borrow $274 billion in the first quarter, significantly lower than the November estimate of $1.127 trillion, with the decline due to the department’s higher cash balance at the beginning of January.

The first-quarter estimate assumes an end-March cash balance of $800 billion, the Treasury said in a statement.

The Treasury also said it issued $597 billion in net debt in the fourth quarter, ending the three-month period with a cash balance of $1.729 trillion. (Reporting By Karen Brettell Editing by Paul Simao)

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