The U.S. government is a large federal bureaucracy that needs money to run its operations. To this end, the government funds itself in two ways. First is the tax revenue it collects. However, the government often does not collect enough in taxes to fund itself. Additionally, federal inflows and outflows do not coincide throughout the year, leading to budgetary shortfalls. As a result, the Department of the Treasury (the Treasury) issues bonds of varying maturities referred to as Treasuries. In 2024 alone, Treasury security issuance stood at $4.7 trillion. The incredible safety of U.S. Treasuries, combined with the stability of the U.S. economy and financial system, means there is strong, lasting demand for these financial products. Additionally, the Treasury market underpins much of the U.S. financial system itself. However, the importance of the Treasury market also makes it a point of friction for the financial system, and any disruption to the market could lead to large-scale disruptions across the financial system. As the U.S. economy and financial system continue to expand and the U.S. continues to issue large amounts of Treasuries, special attention needs to be paid to both the Treasury market and the mechanisms the Treasury uses to fund the U.S. government.