The Treasury Department has further trimmed its estimates of the amount of borrowing it will need to do this year as an improving economy has boosted tax revenues and cut spending needs more than previously expected.

Treasury says that it now expects to borrow $1.438 trillion this year, still the second-highest amount in history. But that is down by 19.5 percent from last year's all-time record in borrowing of $1.786 trillion.

Late last month, the Obama administration lowered its estimate for the overall deficit for this budget year to $1.471 trillion. That would be the highest deficit in history, surpassing last year's $1.41 trillion deficit but is an improvement from the amount the administration had estimated in February.