US lifts borrowing above forecasts to US$243bil

More money: US Treasury Secretary Janet Yellen (centre second from left) at a meeting with finance ministers in Washington. The government’s finance arm ramps up its estimate for federal borrowing in a move that largely reflects weaker cash receipts. — Bloomberg

NEW YORK: The US Treasury ramped up its estimate for federal borrowing for the current quarter to US$243bil, more than most dealers had anticipated, in a move that largely reflects weaker cash receipts than officials had expected.

The Treasury Department said in a statement on Monday its net borrowing for April-through-June is now seen at US$41bil more than the previous prediction of US$202bil, released in late January.