The US Treasury Department said it expects to borrow $776 billion in the final quarter of this year, the most the government has ever borrowed during a fourth quarter.

The forecast is $76 billion less than the estimate Treasury made in August due to higher-than-anticipated tax collections in October. That’s partially a result of deferred tax collections from residents and corporations in states like California where tax deadlines were extended due to extreme weather, Treasury officials said on a call with reporters on Monday.

Treasury’s new estimates will inform the size of upcoming auctions for bills, notes, and bonds — the details of which are set to be released by the agency on Wednesday morning.

Source: CNN