US Treasury says it expects to borrow $1 trillion in third quarter

NEW YORK, July 28 (Reuters) - The U.S. Treasury said on Monday it expects to borrow $1.007 trillion in the third quarter, $453 billion higher than the April estimate primarily due to the lower beginning-of-quarter cash balance and projected lower net cash flows.

The third-quarter financing estimate assumes a cash balance of $850 billion at the end of September, the Treasury said in a statement.

The Treasury also said it expects to borrow $590 billion in the fourth quarter, as it projects a cash balance of $850 billion at the end of December.