An Early Look at Treasury Net Borrowing in Q1 2010: Half a Trillion

The Treasury announced on Monday:

•During the January - March quarter, Treasury expects to issue $478 billion in net marketable debt, assuming an end-of-March cash balance of $45 billion, which includes $15 billion for the Supplementary Financing Program (SFP).

•These estimates do not include any incremental borrowing needs that would result from a potential increase in issuance under the SFP

Got that? $478 billion! There is no sane reason to own Treasury paper, at some point this baby explodes.