Federal Debt Management: Treasury Quickly Financed Historic Government Response to the Pandemic and is Assessing Risks to Market Functioning, Report to Congressional Committees [open pdf - 2MB]
From the Highlights: "The federal government's fiscal response to the COVID-19 [coronavirus disease 2019] pandemic dramatically increased the government's borrowing needs. Treasury borrows money needed by issuing Treasury securities. The ability to borrow large amounts of money quickly and cheaply is especially important during a crisis, when government spending tends to increase and revenues tend to decrease. Any disruptions in investor demand for Treasury securities or the functioning of the Treasury market can have costly implications for the federal government and taxpayers. The CARES [Coronavirus Aid, Relief, and Economic Security] Act includes a provision for GAO [Government Accountability Office] to report on its monitoring and oversight efforts related to the COVID-19 pandemic. This report examines (1) how the cost and liquidity of Treasury securities changed during COVID-19; (2) actions Treasury is taking to mitigate future disruptions; and (3) the actions Treasury took to finance the federal government's response to the pandemic."
Government Accountability Office: http://www.gao.gov/