WASHINGTON (November 2, 2009)--The Treasury Department says it will need to borrow $276 billion in the current quarter as it struggles to manage the government's books pending a decision by Congress to boost the debt limit.

The department's projected borrowing for the October-December period is down sharply from the estimate of $486 billion it made in August.

The improvement reflects the winding down of a program designed to help support the economy that was created at the height of the financial crisis last year, a move that will delay the point at which the government will hit the current debt ceiling of $12.1 trillion to give Congress more time to approve an increase.