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U.S. Treasury bill share rises to about 21%, near highest since 2020

U.S. Treasury bill share rises to about 21%, near highest since 2020

Short-term debt now makes up a far larger portion of marketable Treasury securities than the 10% to 15% range seen from 2012, highlighting a heavier reliance on near-term funding.

Fact Check
The GAO report GAO-26-107529 (March 2026) authoritatively documents that Treasury bills rose from 13% to 22% of marketable debt outstanding over FY2014-FY2025, confirming both the elevated ~21% level and the departure from the historical 10-15% range cited in the claim. A Federal Reserve FEDS paper similarly cites the bill share near 20%. The claim's '~21%, near highest since 2020' is fully consistent with these official figures, so the claim is likely true. The slight uncertainty reflects that exact percentages vary by measurement date and methodology (22% in GAO vs ~21% claimed).
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Summary

U.S. Treasury bills now account for about 21% of marketable Treasury securities, putting the government’s use of short-term borrowing near its highest level since 2020, when federal debt issuance jumped during the pandemic response. That stands well above the 10% to 15% range seen from 2012. A larger bill share points to greater dependence on debt that matures quickly and must be rolled over more often, a shift that can leave funding costs more sensitive to short-term interest rates.

Terms & Concepts
  • Treasury bills: Short-term U.S. government debt maturing within one year.
  • marketable Treasury securities: Tradable U.S. government debt sold to investors in public markets.