diff --git a/Misc/NEWS.d/next/Library/2017-07-18-23-47-51.bpo-30961.064jz0.rst b/Misc/NEWS.d/next/Library/2017-07-18-23-47-51.bpo-30961.064jz0.rst
new file mode 100644
index 00000000000..b89c6d4769d
--- /dev/null
+++ b/Misc/NEWS.d/next/Library/2017-07-18-23-47-51.bpo-30961.064jz0.rst
@@ -0,0 +1 @@
+Fix decrementing a borrowed reference in tracemalloc.
diff --git a/Modules/_tracemalloc.c b/Modules/_tracemalloc.c
index ec8bd960a7f..0ce38ffc78c 100644
--- a/Modules/_tracemalloc.c
+++ b/Modules/_tracemalloc.c
@@ -1731,7 +1731,7 @@ _PyTraceMalloc_Init(void)
         if (key == NULL)
             return -1;
 
-        value = PyDict_GetItemWithError(xoptions, key);
+        value = PyDict_GetItemWithError(xoptions, key); /* borrowed */
         Py_DECREF(key);
         if (value == NULL) {
             if (PyErr_Occurred())
@@ -1742,7 +1742,6 @@ _PyTraceMalloc_Init(void)
         }
 
         nframe = parse_sys_xoptions(value);
-        Py_DECREF(value);
         if (nframe < 0) {
             Py_FatalError("-X tracemalloc=NFRAME: invalid number of frames");
         }