Federal Debt Management: Treasury Should Strengthen Policies for Market Outreach and Analysis to Maintain Broad-Based Demand for Securities, Report to the Congress [open pdf - 3MB]
From the Highlights: "The Congressional Budget Office projects that federal deficits will reach $1 trillion in 2020 and average $1.2 trillion per year through 2029, further adding to the more than $16 trillion in current debt held by the public. As a result, Treasury will need to issue a substantial amount of debt to finance government operations and refinance maturing debt. To support its goal to borrow at the lowest cost over time, Treasury must maintain strong demand from a diverse group of investors for Treasury securities. GAO [Government Accountability Office] prepared this report as part of continuing efforts to assist Congress in identifying and addressing debt management challenges. This report (1) identifies factors that affect demand for Treasury securities and (2) examines how Treasury monitors and analyzes information about the Treasury market to inform its debt issuance strategy."
Government Accountability Office: https://www.gao.gov/