U.S. Treasury will have to borrow $2 trillion this year just to continue functioning—more than $166 billion every month

The U.S. Treasury will likely have borrowed more than $2 trillion by the end of the fiscal year, according to the latest estimates out of the Executive Office of the president—a figure described as “beyond scary” by budget hawks.

Yesterday, the department headed by Scott Bessent released its latest Quarterly Refunding Documents, which communicate any changes in debt management policy, as well as financing estimates from Treasury and bond market participants. The documents also share bond issuance plans.