--- title: "US Treasury Issuance Sep 2026: +$7.3bn Net" description: How much the US Treasury borrowed in Sep 2026, split into bills, notes and bonds, gross against net, with the cash it holds at the Fed. source: Helious canonical: "https://helious.io/treasury-issuance" --- # 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 · Sep 2026 Treasury raised *+$7.3bn* of new money It sold $2.86tn to do it, so about 390 dollars went out for every one raised. The rest refinanced debt that was falling due. Cash at the Fed stood at $984bn. Over the last year 35% of the new money was raised in bills. Monthly Treasury borrowing ## How much, and in what The government spends more than it collects, so every month it sells debt to cover the difference. Each line here is one month of that, not a running total. A line below zero is a month it paid back more than it sold, which happens most Aprils when tax money arrives. Add **cash move** to see where the money went. What Treasury raises does not go straight out of the door: it sits in its account at the Fed until it is spent. Raised minus cash move is roughly what actually reached the economy. Oct 2026 is not finished yet, so it is left out of everything above. Measured as This month3-month average6-month averageTotal over a year Showing 2 years5 years10 years -200bn0bn200bn400bnBills net -$130bnNotes net $112bnBonds net $25bn Oct 21Jun 22Feb 23Oct 23Jun 24Feb 25Oct 25Jun 26 **Bills net **-$130bn****Notes net **$112bn****Bonds net **$25bn** Hover any point for the exact figures. You can draw up to 5 lines at once. Lines you can draw Net new borrowing, and the cash What Treasury raised after paying off everything that matured, and how much of it stayed in its account at the Fed. - Bills, net Under a year. The float Treasury uses to manage week to week cash, and the part of the curve it can change fastest. - Notes, net Two to ten years. Includes TIPS and floating-rate notes, which this statement counts as notes rather than separately. - Bonds, net Twenty and thirty years. The smallest slice by far, and the one that locks in a rate for a generation. - Net new borrowing What is left after paying off everything that matured. This is the number that adds to the debt. - Change in cash at the Fed How much the balance moved over the month. Positive means borrowing outran spending and the cash stayed at the Fed; negative means Treasury spent more than it raised. Everything sold The full amount auctioned, most of which refinances debt that was coming due anyway. - Bills sold Under a year. The float Treasury uses to manage week to week cash, and the part of the curve it can change fastest. - Notes sold Two to ten years. Includes TIPS and floating-rate notes, which this statement counts as notes rather than separately. - Bonds sold Twenty and thirty years. The smallest slice by far, and the one that locks in a rate for a generation. - Everything sold Bills, notes and bonds together. Most of it refinances debt that was maturing anyway. ## Where the borrowing came from Net new borrowing in September 2026, split by what was sold. A minus number means that part of the curve shrank while the total may still have grown. - Bills −$130bn - Notes +$112bn - Bonds +$25bn The three parts add up to +$7.3bn of net borrowing, exactly. Every dollar Treasury raised at auction is a bill, a note or a bond, so nothing is left over. ## Is borrowing going up or down? Treasury plans in quarters, not months, and it announces those plans four times a year. So compare a quarter against the one before it. A single big month tells you very little on its own. These are the refunding quarters Treasury itself uses: February to April, May to July, August to October, November to January. A quarter only appears once all three of its months are complete. Net borrowing by refunding quarter QUARTERNET RAISED VS PRIORBILLS / NOTES / BONDS May-Jul 2026 $724bn ▲ +$409bn $367bn / $252bn / $105bn Feb-Apr 2026 $316bn ▼ −$29bn $26bn / $169bn / $121bn Nov-Jan 2025/26 $345bn ▼ −$668bn $2.5bn / $277bn / $66bn Aug-Oct 2025 $1.01tn ▲ +$634bn $597bn / $312bn / $103bn May-Jul 2025 $379bn ▲ +$345bn -$64bn / $324bn / $118bn Feb-Apr 2025 $34bn ▼ −$489bn -$320bn / $238bn / $117bn Nov-Jan 2024/25 $523bn ▼ −$100bn $193bn / $272bn / $58bn Aug-Oct 2024 $623bn ▲ +$203bn $271bn / $233bn / $119bn The quarter running now is Aug-Oct 2026, and 2 of its 3 months are in. Borrowing so far is $387bn, against $724bn across the whole of May-Jul 2026. It joins the table above once Aug-Oct 2026 is complete. The next announcement is due in November 2026. It sets the auction sizes for the quarter after it, so it is the point at which a change in the trend above usually becomes visible. ## 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 borrowing and spending both run through that one balance. When it rises, cash has left the banking system for an account at the Fed. When it falls, that cash comes back. 0bn250bn500bn750bn1.0tnTGA $984bn Oct 21Jun 22Feb 23Oct 23Jun 24Feb 25Oct 25Jun 26 **TGA **$984bn** 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 month to month move in it is a flow, and that one sits on the borrowing chart above as **cash move**, where it can be read against what was raised. ## How this gets read in the Treasury market Bonds are priced by supply and demand like anything else. Put more of them in front of the same buyers and the price falls, which means the yield rises. That is the whole mechanism. The total borrowed matters less than where on the curve it is raised. Money raised in bills lands on the part of the curve the Fed controls most directly, and the money market usually absorbs it without much fuss. The same money raised in bonds lands where buyers are fewer and far pickier, so a shift toward long-dated supply is felt much more than the same shift in bills. Watch the split on the chart above rather than the headline number. Auction sizes change at the quarterly refunding announcement, so that is when the supply picture actually moves. The surprise is what does the work. A raise that was expected is already in the price, and a raise nobody had pencilled in is the one that moves yields. The cash balance works on liquidity rather than supply. When Treasury raises money and leaves it at the Fed, that cash has come out of the banking system. When it runs the balance down, it goes back in. Two quarters with identical issuance can pull in opposite directions depending on what happened to that account, which is why it is on this page at all. You can follow the individual auctions and how each one was received on [the auctions pages](https://helious.io/auctions), what the market expects from the Fed on [the rate path](https://helious.io/rate-path), and where the curve actually sits on [rates](https://helious.io/rates). This describes how the market reads these figures. It is not advice, and none of it says what anything is going to do next. ## 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 Sep 2026 −$130bn +$112bn +$25bn +$7.3bn $2.86tn $984bnAug 2026 +$259bn +$75bn +$46bn +$379bn $2.80tn $1.02tnJul 2026 +$298bn +$28bn +$29bn +$356bn $2.98tn $877bnJun 2026 −$68bn +$173bn +$47bn +$152bn $2.84tn $919bnMay 2026 +$137bn +$51bn +$29bn +$217bn $2.35tn $904bnApr 2026 −$198bn −$16bn +$35bn −$179bn $2.64tn $969bnMar 2026 +$11bn +$161bn +$50bn +$223bn $3.01tn $893bnFeb 2026 +$212bn +$23bn +$36bn +$272bn $2.64tn $799bnJan 2026 +$48bn +$45bn −$10bn +$83bn $2.49tn $893bnDec 2025 −$176bn +$194bn +$50bn +$68bn $2.84tn $873bnNov 2025 +$130bn +$38bn +$26bn +$194bn $2.42tn $956bnOct 2025 +$196bn +$52bn +$30bn +$278bn $2.90tn $926bnSep 2025 +$28bn +$228bn +$48bn +$304bn $2.89tn $891bnAug 2025 +$373bn +$31bn +$26bn +$430bn $2.27tn $555bnJul 2025 +$212bn +$60bn +$36bn +$308bn $2.76tn $498bnJun 2025 −$219bn +$229bn +$52bn +$63bn $2.23tn $457bnMay 2025 −$57bn +$35bn +$30bn +$7.9bn $2.32tn $351bnApr 2025 −$96bn +$38bn +$38bn −$20bn $2.55tn $678bnMar 2025 −$212bn +$124bn +$33bn −$54bn $2.17tn $406bnFeb 2025 −$12bn +$75bn +$46bn +$109bn $2.41tn $560bnJan 2025 +$193bn +$55bn −$9.1bn +$239bn $2.74tn $793bnDec 2024 −$203bn +$206bn +$52bn +$55bn $2.65tn $722bnNov 2024 +$203bn +$11bn +$15bn +$229bn $2.32tn $757bnOct 2024 +$182bn +$44bn +$35bn +$261bn $2.92tn $921bn ## 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 Sep 2026 it sold $2.86tn and raised +$7.3bn of new money, a ratio of about 390 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 35 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 connects the borrowing to the spending. Markets care about it for a mechanical reason: 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 $984bn at the end of Sep 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 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 what the announcement was forecasting. ### How much has Treasury already announced but not yet sold? About $215bn across 2 auctions announced and not yet held, made up of $215bn in bills, $0.0bn in notes and $0.0bn in bonds. Treasury names each auction and its size about a week before selling it, so this is the closest thing to a forward look that comes as a number rather than a press release. Auctions already held are not counted here: they are in the borrowing figures above. ### 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: 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, Sep 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](https://api.helious.io/v1/treasury-issuance), and as the get_treasury_issuance tool on [api.helious.io/mcp](https://api.helious.io/mcp). The individual auction results live on [the auctions pages](https://helious.io/auctions), and what the market is paying for rates is on [the rate path](https://helious.io/rate-path).