Debt issuance is not smooth, but rather is lumpy. One cannot extrapolate two months of deficits into the annual deficit. The Treasury refilled their cash balance by $400 billion in two months, which meant extra debt issuance that wont be repeated any time soon. Additionally, tax season brings in a burst of taxes, and so the back half of the calendar year tends to have larger deficits than the front half. Actual deficits are still closer to the $2 trillion range. And indeed, nothing stops this train. View quoted note →