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What the government is borrowing

How much the US Treasury raises each month, split into bills, notes and bonds, and what it does with the cash.

Latest reading

Last complete month · Aug 2026
Treasury raised +$379bn of new money

It sold $2.80tn to do it, so about 7 dollars went out for every one raised. The rest refinanced debt that was falling due. Cash at the Fed stood at $1.02tn. Over the last year 37% of the new money was raised in bills.

Monthly Treasury borrowing

How much, and in what

Each line is a month of borrowing, not a running total. Below zero means Treasury paid more debt off than it sold, which happens most Aprils when tax receipts land. Draw cash move alongside the net line to see how much of what was raised stayed at the Fed: money raised minus the cash move is roughly what reached the economy. Sep 2026 is still in progress and is left off the figures above.

Measured as
Showing
Sep 21May 22Jan 23Sep 23May 24Jan 25Sep 25May 26
Bills net $259bnNotes net $75bnBonds net $46bn

Hover any point for the exact figures. You can draw up to 5 lines at once.

Where the borrowing came from

Net new borrowing in August 2026, split by what was sold. A minus number means that part of the curve shrank while the total may still have grown.

  • Bills +$259bn
  • Notes +$75bn
  • Bonds +$46bn

The three add up to +$379bn of net borrowing, exactly. Every dollar Treasury raised at auction is a bill, a note or a bond, so the parts have to come to the whole.

What Treasury did with the cash

Money raised does not disappear. It lands in Treasury's account at the Federal Reserve and is spent from there, so the balance is the join between borrowing and spending. When it rises, cash has left the banking system for an account at the Fed. When it falls, that cash comes back.

Sep 21May 22Jan 23Sep 23May 24Jan 25Sep 25May 26
TGA $1.02tn

This is the balance itself, which is a level and not a monthly flow, so it keeps its own chart and its own scale. The MOVE in it each month is a flow, and that one is on the borrowing chart above as cash move, where it can be read against what was raised.

The numbers

The last two years, month by month. Net figures are signed, so a minus is a month Treasury paid debt down.

Monthly Treasury borrowing and cash balance
MONTHBILLS NOTESBONDS NETGROSS CASH AT FED
Aug 2026 +$259bn +$75bn +$46bn +$379bn $2.80tn $1.02tn
Jul 2026 +$298bn +$28bn +$29bn +$356bn $2.98tn $877bn
Jun 2026 −$68bn +$173bn +$47bn +$152bn $2.84tn $919bn
May 2026 +$137bn +$51bn +$29bn +$217bn $2.35tn $904bn
Apr 2026 −$198bn −$16bn +$35bn −$179bn $2.64tn $969bn
Mar 2026 +$11bn +$161bn +$50bn +$223bn $3.01tn $893bn
Feb 2026 +$212bn +$23bn +$36bn +$272bn $2.64tn $799bn
Jan 2026 +$48bn +$45bn −$10bn +$83bn $2.49tn $893bn
Dec 2025 −$176bn +$194bn +$50bn +$68bn $2.84tn $873bn
Nov 2025 +$130bn +$38bn +$26bn +$194bn $2.42tn $956bn
Oct 2025 +$196bn +$52bn +$30bn +$278bn $2.90tn $926bn
Sep 2025 +$28bn +$228bn +$48bn +$304bn $2.89tn $891bn
Aug 2025 +$373bn +$31bn +$26bn +$430bn $2.27tn $555bn
Jul 2025 +$212bn +$60bn +$36bn +$308bn $2.76tn $498bn
Jun 2025 −$219bn +$229bn +$52bn +$63bn $2.23tn $457bn
May 2025 −$57bn +$35bn +$30bn +$7.9bn $2.32tn $351bn
Apr 2025 −$96bn +$38bn +$38bn −$20bn $2.55tn $678bn
Mar 2025 −$212bn +$124bn +$33bn −$54bn $2.17tn $406bn
Feb 2025 −$12bn +$75bn +$46bn +$109bn $2.41tn $560bn
Jan 2025 +$193bn +$55bn −$9.1bn +$239bn $2.74tn $793bn
Dec 2024 −$203bn +$206bn +$52bn +$55bn $2.65tn $722bn
Nov 2024 +$203bn +$11bn +$15bn +$229bn $2.32tn $757bn
Oct 2024 +$182bn +$44bn +$35bn +$261bn $2.92tn $921bn
Sep 2024 −$117bn +$196bn +$51bn +$130bn $2.35tn $886bn

Questions

FAQ

What is the difference between gross and net issuance?

Gross is everything Treasury sold. Net is what is left after paying off the debt that matured in the same month. Most of what Treasury auctions is refinancing, so the two are nowhere near each other: in Aug 2026 it sold $2.80tn and raised +$379bn of new money, a ratio of about 7 to one. Only the net figure adds to the debt, and quoting the gross number as borrowing overstates it several times over.

Why does the split between bills, notes and bonds matter?

Because the same money raised at different points on the curve does different things. Bills mature inside a year, so funding short is cheap and flexible but has to be rolled over constantly, and it lands on the part of the curve most sensitive to what the Fed does next. Bonds lock a rate in for thirty years and land on the part driven by long-run expectations. Over the last year about 37 percent of net borrowing was done in bills, and that share moves far more than the total does.

What is the Treasury General Account and why track it?

It is Treasury's current account at the Federal Reserve. Every dollar raised at auction lands in it and every dollar spent leaves from it, so it is the join between borrowing and spending. The reason it matters to markets is mechanical: when the balance rises, cash has moved out of the banking system and into an account at the Fed, and when it falls that cash comes back. A quarter of heavy issuance that simply rebuilds the balance is a drain, while the same issuance spent straight back out is not. It stood at $1.02tn at the end of Aug 2026.

What is the quarterly refunding announcement?

Four times a year, in February, May, August and November, Treasury says how much it expects to borrow over the coming quarters and what it intends to change about auction sizes. It is the single most watched piece of supply news, because a decision to fund more at the long end is felt very differently from the same money raised in bills. The next one is due in November 2026. This page does not reprint the announcement: it shows the borrowing that actually happened, which is the thing the announcement is a forecast of.

How much has Treasury already announced but not yet sold?

About $7.57tn across 102 auctions already announced, made up of $6.60tn in bills, $877bn in notes and $97bn in bonds. That is the refunding in its concrete form: when a refunding raises auction sizes, it appears here as bigger offerings weeks before it appears as issuance.

Does this include TIPS and floating-rate notes?

Yes, inside notes and bonds rather than on their own lines. The daily Treasury statement this page is built from counts inflation-protected securities and floating-rate notes within those two categories, so the split here is three ways. One line in that statement, the inflation increment on TIPS already outstanding, is deliberately left out entirely: it is an accounting adjustment to the value of existing debt rather than anything sold, and it has no matching redemption, so counting it would book it as permanent new borrowing.

How current is this, and where does it come from?

The borrowing figures come from the daily Treasury statement and go back to 2006, so the chart covers two decades including the 2020 emergency borrowing. The statement is published each business day for the previous one, which means the month in progress is always part full. This page marks that month rather than letting a few days of flows draw as a collapse next to full months, and every headline figure on it is taken from the last COMPLETE month, Aug 2026.

Take it with you

Everything here is every issuance series with gross, net and the cash balance behind them at api.helious.io/v1/treasury-issuance, and as the get_treasury_issuance tool on api.helious.io/mcp. The individual auction results live on the auctions pages, and what the market is paying for rates is on the rate path.