The U.S. government borrows money the same way every week: it holds auctions. In fiscal year 2025, Treasury ran 444 of them, up from 271 in fiscal year 2014. Understanding the mechanics of those auctions is not a niche concern — it is the mechanism through which fiscal policy translates into borrowing costs for the entire economy, including student loans, mortgages, car loans, and corporate debt. The GAO’s March 2026 report on federal debt management (GAO-26-107529) provides the most current systematic account of how this system operates and what stresses it is absorbing.