MacroAug 16, 2026, 1:15 AM

US Treasury T-Bill Share Nears 21%, Highest Since 2020

Treasury bills now make up about 21% of marketable US government debt, far above the 10–15% range seen from 2012 to 2019.

The US Treasury is leaning more heavily on short-term bills to fund government borrowing. T-bills currently account for roughly 21% of marketable Treasury securities, near the highest level since 2020, when pandemic-era borrowing surged.

That share is well above the 10–15% range recorded between 2012 and 2019. For context, the peak during the 2008 financial crisis was about 34%.

If current issuance trends continue through fiscal 2027, bills could rise to around 25% of total debt, the highest since 2004 excluding 2008 and 2020. The shift increases sensitivity to short-term interest rate swings and could make debt-servicing costs more vulnerable if rates stay elevated or climb again.

Source: The Kobeissi Letter

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