US Treasury Market Tops $30 Trillion, Doubling Since 2018

US government debt in Treasuries topped $30 trillion for the first time — having more than doubled since 2018 as the pandemic-era borrowing surge takes its toll.

The combined total amount of Treasury bills, notes and bonds increased by about 0.7% in November to $30.2 trillion, according to data released Thursday.

A borrowing surge in 2020 to finance pandemic-related spending and higher borrowing rates have driven up the cost of paying interest on the debt, which accounts for growing share of the federal deficit.

“The gap between what the government spends and what it takes in ...