The US debt crisis is entering uncharted territory: The US Treasury has issued a record $25.4 trillion in T-Bills over the last 12 months, lifting total Treasury issuance to a record $36.6 trillion.

The US debt crisis is entering uncharted territory:

The US Treasury has issued a record $25.4 trillion in T-Bills over the last 12 months, lifting total Treasury issuance to a record $36.6 trillion.

This means T-Bills now reflect 69.4% of all Treasury issuance, near an all-time… pic.twitter.com/4uxwzig9ek

— The Kobeissi Letter (@KobeissiLetter) December 8, 2025