ABSTRACT

How Treasury Issues Debt [Updated June 14, 2022]   [open pdf - 1MB]

From the Introduction: "The U.S. Department of the Treasury (Treasury) is responsible for issuing federal government debt. Debt issuance is a core component of Treasury's role as the manager of government operations, as it is needed when tax revenue collections are insufficient to meet the demand of federal obligations. The primary objective of Treasury's debt management strategy is to finance the government's borrowing needs at the lowest cost over time. To accomplish this Treasury adheres to three principles: (1) to issue debt in a regular and predictable pattern, (2) to provide transparency in the decisionmaking process, and (3) to seek continuous improvements in the auction process. [...] This report examines Treasury's debt management practices, focusing on the auction process, how prices and interest rates of securities are determined, and the role of market participants in the process. It also addresses the role of debt in influencing present and future budget outcomes."

Report Number:
CRS Report for Congress, R40767
Author:
Publisher:
Date:
2022-06-14
Series:
Copyright:
Public Domain
Retrieved From:
Congressional Research Service: https://crsreports.congress.gov/
Format:
pdf
Media Type:
application/pdf
URL:
Help with citations