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Given the latest numbers, Deutsche Bank estimates Treasury's total 2019 borrowing will come in at around the same level as 2018, at $1.1 trillion. Looking ahead to 2020, the bank projects the deficit will be $1.01 trillion, assuming similar levels of borrowing for federal loan programs as in 2019 and an unchanged Treasury cash balance. Given these figures, Treasury's borrowing needs will be around $1.08 trillion in 2020.