ChainCatcher News, the U.S. Treasury Department announced on Monday that the estimated net borrowing for the second quarter is $391 billion higher than the February forecast, due to the fact that Congress has yet to raise the federal debt ceiling, and the initial cash reserves at the beginning of the second quarter are far below previous expectations. The Treasury stated that if the seasonal cash balance factor is excluded, the borrowing estimate for the second quarter is actually $53 billion lower than the February forecast.Zerohedge analysis indicates that this shows the government efficiency department "DOGE," led by Musk, is indeed functioning, with an improvement in fiscal conditions and a decline in the actual financing needs of the U.S. Total revenue is slightly above last year's levels, while spending is close to the lower end of historical ranges.