⁍ U.S. debt issuance reached a record of nearly $3 trillion for the second quarter, with $947 billion expected for the third quarter.

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⁍ U.S. debt-to-GDP is set to rise 20 percentage points by the end of the 2020 fiscal year, with the Treasury’s focus on issuing long-term debt at current low interest rates.

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– The federal budget deficit hit a record high of $2.7 trillion in the first nine months of the current fiscal year, according to the Congressional Budget Office. That’s $2 trillion more than the deficit recorded in 2019, and the CBO expects the deficit to hit $3.7 trillion for the 2020 fiscal year, which ends Oct. 31, reports the Wall Street Journal. The deficit is due to higher spending on things like defense and on President Trump’s proposed border wall, as well as lower tax revenues from the wealthiest Americans. The debt-to-GDP ratio, meanwhile, is expected to rise to an all-time high of 80.5% by the end of the 2020 fiscal year, reports MarketWatch.