"The U.S. Department of the Treasury (Treasury), among other roles, manages the country’s debt. The primary objective of Treasury’s debt management strategy is to finance the government’s borrowing needs at the lowest cost over time. To accomplish this Treasury adheres to three principles: (1) to issue debt in a regular and predictable pattern, (2) to provide transparency in the decisionmaking process, and (3) to seek continuous improvements in the auction process.
Within the Treasury, the Office of Debt Management (ODM) makes all decisions related to debt
issuance and the management of the United States debt portfolio. When federal spending exceeds
revenues, the ODM directs the Bureau of the Fiscal Service to borrow the funds needed to finance
government operations by selling securities to the public and government agencies through an
auction process. The Bureau of the Fiscal Service manages the operational aspects of the issuance
of Treasury securities, including the systems related to and the monitoring of security auctions..."
Treasury and debt