Here comes the debt machine

Bloomberg: The U.S. Treasury said its borrowing needs this quarter declined to the lowest level for the period since 2007 as stronger economic growth boosts tax receipts.
Treasury plans to borrow $192 billion in the July-September period, about $22 billion more than it projected three months ago, with an end-of-September cash balance of $150 billion, the Treasury said today in Washington. Next quarter, Treasury plans to borrow $187 billion, with $140 billion in cash Dec. 31.

That would be a 10% increase over plans.   This is only .13% of GDP but on YoY it is .5%. But 1% GDP increase in deficit/GDP is missing because we already know how much the states have spent and they must be reimbursed. So Treasury is almost certainly doing some temporary account shifting by borrowing internal funds and over counting expected tax increase.

The Treasury said it paid down $64 billion in marketable debt in the April-June quarter, less than an April projection of $78 billion.

Yes, it was running behind plans last quarter, by about 15%.  Almost certainly we are at the beginning  stage where the deficit/GDP curve starts getting more negative.