Treasury bills as a share of marketable debt

Marketable bills divided by total marketable debt from the same month-end, multiplied by 100. The 15–20% reference band is TBAC’s medium-term recommendation, not a binding ceiling.

percent

Snapshot: latest · bills-share source data

Data as of Sep 30, 2026 · Snapshot updated Oct 13, 2026 · Source: U.S. Treasury, Fiscal Data: Monthly Statement of the Public Debt, Table 1 (bills ÷ total marketable)

Show the numbers (last 24)

Date	Bills as a share of marketable Treasury debt
2026-09-30	22.4
2026-08-31	22.8
2026-07-31	22.2
2026-06-30	21.5
2026-05-31	21.9
2026-04-30	21.6
2026-03-31	22.1
2026-02-28	22.2
2026-01-31	21.7
2025-12-31	21.6
2025-11-30	22.3
2025-10-31	22.0
2025-09-30	21.5
2025-08-31	21.7
2025-07-31	20.7
2025-06-30	20.2
2025-05-31	21.0
2025-04-30	21.2
2025-03-31	21.5
2025-02-28	22.2
2025-01-31	22.4
2024-12-31	21.9
2024-11-30	22.6
2024-10-31	22.1

Reading the evidence

Bills were 22.8 percent of marketable Treasury debt at the end of August 2026: $7.25 trillion of $31.83 trillion. The Treasury Borrowing Advisory Committee's standing recommendation is 15 to 20 percent over the medium term, and the share has been above 20 percent at every month-end since September 2023. Since the end of 2023 bills have supplied about 29 percent of the growth in marketable debt. Bills reprice faster than longer-maturity fixed-rate debt, which is why the share matters for the interest bill.

Commentary reviewed Sep 20, 2026. Data retrieval does not update this commentary.

Data Note: Bills Are a Fifth of the Debt, and the Costliest Fifth

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