Next U.S. Treasury Secretary’s First Big Test: $6.7 Trillion in Maturing Debt Next Year

Treasury Secretary nominee Besant faces the challenge of refinancing $6.7 trillion in maturing bonds in 2024—nearly a quarter of the $28 trillion in outstanding U.S. government debt. Economists previously criticized Yellen for increasing short-term debt issuance, compounding this issue.

Bloomberg's Robert Burgess warned that this massive maturity burden could keep Besant awake at night.

Trump’s fiscal policies, combined with Besant’s leadership, may make austerity challenging. According to analysts, Trump 2.0 may struggle to reduce deficits due to economic pressures, public demand for fiscal relief amid income inequality, and global competition in AI investment.