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During that time, according to the Daily Treasury Statement, the Treasury issued $1,014,215,000,000 in new bills, notes, bonds and other securities. The government needed this $1,014,215,000,000 to cover government obligations and expenses that exceeded the $255,080,000,000 it raked in through tax revenues during the same six-week period. Where did that combined $1,014,215,000,000 in newly borrowed money and $255,080,000,000 in new tax revenues go?
The lion’s share went to payoff maturing securities the Treasury had sold before and had now come due. In total, according to the Daily Treasury Statement, the Treasury needed to redeem $879,734,000,000 in maturing debt during the first six weeks of the fiscal 2014.
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