{"data":{"asof":"2026-09-03T11:32:30.052545+00:00","latest":"2026-09","last_full":"2026-08","partial":{"month":"2026-09","through":"2026-09-01"},"start":"2006-01","boxes":[{"key":"tga","label":"Cash at the Fed","kind":"level","unit":"$bn","note":"What Treasury is holding in its account at the Federal Reserve. Money raised lands here and is spent from here, so a rising balance means borrowing is outrunning spending.","month":"2026-08","value":1023.55},{"key":"net_1m","label":"Net borrowing, last month","kind":"flow","unit":"$bn","note":"New money raised after paying off everything that matured. This is the number that adds to the debt, and it is far smaller than the gross figure.","month":"2026-08","value":379.49},{"key":"gross_1m","label":"Gross issuance, last month","kind":"flow","unit":"$bn","note":"Everything sold, including the much larger part that simply refinances debt coming due. Quoting this as borrowing overstates it several times over.","month":"2026-08","value":2802.4},{"key":"bill_share","label":"Share raised in bills","kind":"pct","unit":"%","note":"How much of the last year of net borrowing was done under a year. High means Treasury is funding short, which it can change quickly and cheaply.","month":"2026-08","value":37.47}],"refunding":[{"month":"2024-11","quarter":"2024 Q4","past":true},{"month":"2025-02","quarter":"2025 Q1","past":true},{"month":"2025-05","quarter":"2025 Q2","past":true},{"month":"2025-08","quarter":"2025 Q3","past":true},{"month":"2025-11","quarter":"2025 Q4","past":true},{"month":"2026-02","quarter":"2026 Q1","past":true},{"month":"2026-05","quarter":"2026 Q2","past":true},{"month":"2026-08","quarter":"2026 Q3","past":true},{"month":"2026-11","quarter":"2026 Q4","past":false},{"month":"2027-02","quarter":"2027 Q1","past":false}],"next_refunding":"2026-11","announced":{"count":102,"by_type":{"bills":6600.0,"notes":877.0,"bonds":97.0},"total":7574.0},"quarters":[{"key":"2024-05","label":"May-Jul 2024","months":["2024-05","2024-06","2024-07"],"net":419.95,"gross":6950.73,"bills":49.01,"notes":254.63,"bonds":116.31,"net_prev":387.43,"net_change":32.52,"direction":"up"},{"key":"2024-08","label":"Aug-Oct 2024","months":["2024-08","2024-09","2024-10"],"net":623.39,"gross":7672.14,"bills":270.99,"notes":233.07,"bonds":119.33,"net_prev":419.95,"net_change":203.44,"direction":"up"},{"key":"2024-11","label":"Nov-Jan 2024/25","months":["2024-11","2024-12","2025-01"],"net":523.3,"gross":7717.66,"bills":193.14,"notes":271.79,"bonds":58.37,"net_prev":623.39,"net_change":-100.09,"direction":"down"},{"key":"2025-02","label":"Feb-Apr 2025","months":["2025-02","2025-03","2025-04"],"net":34.27,"gross":7127.19,"bills":-319.91,"notes":237.57,"bonds":116.61,"net_prev":523.3,"net_change":-489.03,"direction":"down"},{"key":"2025-05","label":"May-Jul 2025","months":["2025-05","2025-06","2025-07"],"net":378.77,"gross":7315.31,"bills":-64.11,"notes":324.48,"bonds":118.4,"net_prev":34.27,"net_change":344.5,"direction":"up"},{"key":"2025-08","label":"Aug-Oct 2025","months":["2025-08","2025-09","2025-10"],"net":1012.27,"gross":8056.96,"bills":597.29,"notes":311.51,"bonds":103.47,"net_prev":378.77,"net_change":633.5,"direction":"up"},{"key":"2025-11","label":"Nov-Jan 2025/26","months":["2025-11","2025-12","2026-01"],"net":344.76,"gross":7747.09,"bills":2.47,"notes":276.71,"bonds":65.58,"net_prev":1012.27,"net_change":-667.51,"direction":"down"},{"key":"2026-02","label":"Feb-Apr 2026","months":["2026-02","2026-03","2026-04"],"net":315.65,"gross":8293.26,"bills":26.32,"notes":168.82,"bonds":120.51,"net_prev":344.76,"net_change":-29.11,"direction":"down"},{"key":"2026-05","label":"May-Jul 2026","months":["2026-05","2026-06","2026-07"],"net":724.18,"gross":8166.22,"bills":366.91,"notes":251.89,"bonds":105.38,"net_prev":315.65,"net_change":408.53,"direction":"up"}],"quarter_so_far":{"key":"2026-08","label":"Aug-Oct 2026","months":["2026-08"],"months_in":1,"months_total":3,"net":379.49,"gross":2802.4,"bills":259.18,"notes":74.71,"bonds":45.6,"prior_label":"May-Jul 2026","prior_net":724.18},"unit":"USD billions","months":null,"measures":[{"key":"bills_gross","label":"Bills sold","short":"Bills gross","group":"gross","kind":"flow","note":"Under a year. The float Treasury uses to manage week to week cash, and the part of the curve it can change fastest.","latest":2384.17},{"key":"bills_net","label":"Bills, net","short":"Bills net","group":"net","kind":"flow","note":"Under a year. The float Treasury uses to manage week to week cash, and the part of the curve it can change fastest.","latest":259.18},{"key":"notes_gross","label":"Notes sold","short":"Notes gross","group":"gross","kind":"flow","note":"Two to ten years. Includes TIPS and floating-rate notes, which this statement counts as notes rather than separately.","latest":359.82},{"key":"notes_net","label":"Notes, net","short":"Notes net","group":"net","kind":"flow","note":"Two to ten years. Includes TIPS and floating-rate notes, which this statement counts as notes rather than separately.","latest":74.71},{"key":"bonds_gross","label":"Bonds sold","short":"Bonds gross","group":"gross","kind":"flow","note":"Twenty and thirty years. The smallest slice by far, and the one that locks in a rate for a generation.","latest":58.41},{"key":"bonds_net","label":"Bonds, net","short":"Bonds net","group":"net","kind":"flow","note":"Twenty and thirty years. The smallest slice by far, and the one that locks in a rate for a generation.","latest":45.6},{"key":"marketable_gross","label":"Everything sold","short":"All gross","group":"gross","kind":"flow","note":"Bills, notes and bonds together. Most of it refinances debt that was maturing anyway.","latest":2802.4},{"key":"marketable_net","label":"Net new borrowing","short":"All net","group":"net","kind":"flow","note":"What is left after paying off everything that matured. This is the number that adds to the debt.","latest":379.49},{"key":"tga","label":"Cash at the Fed, month end","short":"TGA","group":"cash","kind":"level","note":"The Treasury General Account balance on the last business day of the month. Money raised lands here and is spent from here.","latest":1023.55},{"key":"tga_change","label":"Change in cash at the Fed","short":"Cash move","group":"net","kind":"flow","note":"How much the balance moved over the month. Positive means borrowing outran spending and the cash stayed at the Fed; negative means Treasury spent more than it raised.","latest":146.98},{"key":"tga_avg","label":"Cash at the Fed, monthly average","short":"TGA avg","group":"cash","kind":"level","note":"The same account averaged over the month, which is the fairer read when a single tax day moves the closing balance.","latest":954.97}]},"meta":{"tier":"keyless","history_days":1,"delay_sec":3600,"docs":"https://helious.io/.well-known/openapi-public.json","market_data":"none over REST (market prices start on a paid plan; the delayed /v1/stream snapshot is included on every plan)","upgrade_url":"https://helious.io/pricing","upgrade_note":"You are on the 1-day sample tier with no market prices. 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