Series · Macro Economics
US Government Borrowing
How the US government funds itself: from the deficit that drives borrowing to the auctions where debt gets sold.
7 episodes
Episodes
Why the Government Borrows
The gap between what the government spends and what it collects, and how that gap gets filled.
How the Government Borrows
Bills, Notes, Bonds, TIPS, and Floating Rate Notes: the instruments the Treasury uses to raise money, and why the mix matters.
The National Debt
How decades of borrowing add up: the total stock of US government debt and how fast it is growing.
What It Costs
The interest bill on the national debt: how much the government pays to service its borrowing and where the money goes.
Who Lends to America
Who holds US government debt: domestic institutions, foreign governments, the Federal Reserve, and individual investors.
The Yield Curve
What the market charges the government to borrow at different maturities, and what the shape of the yield curve signals about economic expectations.
How Debt Gets Sold
The auction process: how the Treasury sells new debt, who bids, and what the results reveal about demand for government bonds.