U.S. National Debt Composition

Maturity Profile & Risk Analysis

Total Marketable Debt

$--.- Trillion

Current balance of all Treasury Bills, Notes, Bonds, TIPS, and FRNs held by the public.

Marketable Securities Breakdown

T-Bill Share

Danger Zone: >20%
--% Danger Zone

Avg. Interest Rate

Steady
-- % on Marketable Debt

Upcoming Rollover Schedule (Next 12 Months)

Granular view of short-term liabilities maturing in the current cycle.

Month Security Type Amount ($B) Total Maturing
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Liquidity & Refinancing Risk

TBAC Guidelines ↗
Analyzing...

Risk Profile

Gathering real-time data from the U.S. Treasury...

The X-Date Context

The debt limit was reinstated at $36.1 Trillion in January 2025. Current trajectories suggest high volatility as we approach ceiling thresholds.

Budget Priority

INTEREST EXPENSE > DEFENSE SPENDING

Net Interest Outlays are now the 2nd largest budget item behind Social Security officially as of Nov 2025.

Macro Insight

"T-bills act as 'Pristine Collateral.' High issuance supports bank lending and stock market leverage, acting as a 'stealth stimulus' despite high rates."

Glossary of Terms

T-Bills (Treasury Bills)

Short-term government debt obligations with a maturity of one year or less. They do not pay interest; instead, they are sold at a discount to their face value. T-Bills are considered the world's most "pristine collateral" due to their high liquidity.

T-Notes & T-Bonds

Intermediate and long-term debt. Notes have maturities between 2 and 10 years, while Bonds typically mature in 20 or 30 years. These securities pay "coupons" (interest) every six months and help "term out" the debt to protect against interest rate spikes.

TIPS (Treasury Inflation-Protected Securities)

Marketable securities whose principal is adjusted based on changes in the Consumer Price Index (CPI). When inflation rises, the principal increases; if deflation occurs, the principal decreases, though you never receive less than the original face value.

FRNs (Floating Rate Notes)

Debt securities whose interest payments "float" or change over time. The interest rate is tied to the highest accepted discount rate of the most recent 13-week Treasury bill auction.

Marketable vs. Non-Marketable Debt

Marketable debt consists of securities that can be traded on the secondary market (like the Bills and Bonds in this dashboard). Non-marketable debt includes Savings Bonds and the State and Local Government Series (SLGS), which cannot be traded.

The TBAC Recommendation

The Treasury Borrowing Advisory Committee (TBAC) is a group of private sector market participants that provides guidance to the Treasury. They generally advise keeping the T-Bill share of total marketable debt between 15% and 20% to balance borrowing costs with refinancing stability.

Disclaimer: For Educational Purposes Only

The data and analysis provided on this dashboard are for informational and educational purposes only. While we source data directly from the U.S. Treasury, we do not guarantee its absolute accuracy or timeliness. Gnosis Foundry is not a financial advisor, and this content should not be construed as investment or economic advice. Always consult with a qualified professional before making financial decisions.