The US Treasury debt maturity schedule is the calendar of repayment dates for every outstanding marketable Treasury security, from four-week bills to 30-year bonds. Each security’s maturity date is fixed at the original auction and never changes. As of May 2026, marketable Treasury debt exceeds $28 trillion spread across bills, notes, bonds, floating rate notes, and inflation-protected securities, and the weighted average time until all that principal comes due stood at roughly 70 months as of December 2025.1Joint Economic Committee. Monthly Debt Update Because so much of the debt matures within a few years, the government is continuously back in the market refinancing trillions of dollars.
What Sets Each Security’s Place on the Schedule
Every marketable Treasury security carries a term set at auction, and that term determines where it sits on the schedule.
- Treasury bills mature in 4, 6, 8, 13, 17, 26, or 52 weeks. They pay no periodic interest; you buy below face value and collect the full face value at maturity.2TreasuryDirect. Treasury Bills
- Treasury notes run 2, 3, 5, 7, or 10 years, paying interest every six months at a fixed rate.3TreasuryDirect. Understanding Pricing and Interest Rates
- Treasury bonds are issued in 20-year or 30-year terms and also pay semiannual interest.4TreasuryDirect. Treasury Bonds
- Floating Rate Notes (FRNs) are two-year securities paying quarterly interest, with the rate resetting weekly against the 13-week bill result plus a fixed spread.5TreasuryDirect. Floating Rate Notes (FRNs)
- Treasury Inflation-Protected Securities (TIPS) come in 5, 10, and 30-year terms. Principal adjusts with CPI-U, and at maturity the government pays the greater of the inflation-adjusted principal or the original face value.6TreasuryDirect. Summary of Marketable Treasury Inflation-Protected Securities
Savings bonds (Series EE and Series I) carry their own maturity dates, generally reaching final maturity after 20 to 30 years depending on the series, and stop earning interest once they hit that point. They’re not part of the marketable maturity schedule because they can’t be traded on the secondary market.7U.S. Treasury Fiscal Data. Treasury Savings Bonds Explained
The Current Maturity Profile
As of May 2026, Treasury bills account for roughly $6.8 trillion of outstanding marketable debt, notes represent about $15.9 trillion, and bonds total around $5.4 trillion.8U.S. Treasury Fiscal Data. Monthly Statement of the Public Debt (MSPD) Bills mature within a year by definition, so that $6.8 trillion has to be replaced continuously. Notes, the largest category, come due on a rolling basis over the next decade. Bonds stretch out the furthest.
One mid-month settlement date shows the scale. The Treasury’s May 2026 quarterly refunding offered $125 billion in new securities, partly to replace approximately $83.3 billion in privately held notes maturing on May 15, 2026, with the remaining $41.7 billion raising new cash.9U.S. Department of the Treasury. Quarterly Refunding Statement of Deputy Assistant Secretary That $83.3 billion had to be in hand and returned to investors on a single day. That pattern repeats across every week and month of the calendar.
The heavy tilt toward shorter maturities creates real interest-rate exposure. When a large share of the debt comes due within a few years, the government can’t lock in today’s rates for long. Each refinancing reprices at whatever the market demands, so rising rates feed almost immediately into higher borrowing costs.
Weighted Average Maturity
Weighted average maturity (WAM) compresses the whole schedule into a single number: the average time until all outstanding principal comes due, weighted by the dollar amount of each security. A $500 billion 30-year bond pulls the average up much more than a $500 billion four-week bill.
The WAM of outstanding marketable Treasury debt was approximately 70 months as of December 2025.1Joint Economic Committee. Monthly Debt Update That figure was 71 months in December 2024 and 65 months in December 2020, a modest extension followed by a slight pullback.
A shorter WAM means the government refinances more often and reprices more often at current market rates. That helps when rates are falling and hurts when rates rise, because higher costs hit the budget faster. A longer WAM insulates the budget by locking in rates for years or decades, but long-term bonds typically carry higher yields, so extending maturity has its own cost. Treasury debt managers are constantly balancing these tradeoffs. When you see arguments about whether the Treasury is issuing too many bills relative to bonds, this is the underlying tension.
Where to Find the Official Schedule
The Monthly Statement of the Public Debt (MSPD) is the definitive record. It’s published on the fourth business day of each month by the Bureau of the Fiscal Service and details every outstanding security, marketable and non-marketable, as of the end of the prior month.8U.S. Treasury Fiscal Data. Monthly Statement of the Public Debt (MSPD) The dataset is available through the Fiscal Data portal, and historical files go back to January 2001.
Inside the MSPD, each security is listed with its series designation, maturity date, and amount outstanding in millions of dollars. The maturity date column tells you the exact day the government owes the principal; the amount outstanding tells you how much is due. Filter or sort by date range and you can see how much debt expires within the current fiscal year versus what stretches decades out. Every other analysis of Treasury debt timing ultimately traces back to MSPD data.
How New Auctions Extend the Schedule
The maturity schedule grows one auction at a time. Most bill terms are auctioned weekly, with the 52-week bill going out every four weeks. Notes are auctioned monthly, and bonds follow a pattern of monthly initial offerings supplemented by quarterly reopenings.10TreasuryDirect. When Auctions Happen (Schedules) The Federal Reserve Banks act as fiscal agents, handling bids and settlement.11TreasuryDirect. Auction Regulations – 31 CFR Part 356
Each auction cycle starts with an announcement specifying the amount offered and the maturity date of the new securities. Bidders submit competitive or noncompetitive offers, results set the interest rate or discount margin, and on the settlement date the securities officially enter the outstanding debt with their maturity date now fixed. Quarterly refunding announcements lay out planned auction sizes for the coming quarter so market participants can anticipate the supply.
What Happens When a Security You Hold Matures
If you hold securities through TreasuryDirect, the default is simple: the principal is deposited into your linked bank account on the maturity date, with no action required. You can also schedule automatic reinvestment, which uses the proceeds from a maturing security to buy a new one of the same term. Reinvestment has to be set up at least four business days before the maturity date, either when you first purchase or anytime before that deadline.12TreasuryDirect. Redeem/Reinvest Treasury Bills
Interest on Treasury securities is taxable at the federal level and exempt from state and local income taxes.13Office of the Law Revision Counsel. 31 USC 3124 – Exemption from Taxation The discount earned on a Treasury bill is treated as interest income in the year the bill matures.14Internal Revenue Service. Topic No. 403 – Interest Received
How the Debt Ceiling Affects the Schedule
When Congress doesn’t raise or suspend the debt limit, the Treasury can’t issue new debt beyond the statutory cap. That collides with the maturity schedule, because the government normally refinances maturing securities by issuing replacements. Without room under the ceiling, Treasury turns to what it calls “extraordinary measures” to keep paying obligations without breaching the limit.
The main tools involve federal employee retirement funds. Treasury can declare a debt issuance suspension period that temporarily halts new investments in the Civil Service Retirement and Disability Fund and the Postal Service Retiree Health Benefits Fund, freeing up roughly $8.5 billion and $300 million per month respectively. The Thrift Savings Plan’s Government Securities Investment Fund (G Fund) is another lever, since its balance matures and reinvests daily; suspending that reinvestment freed up approximately $298 billion in headroom as of January 2025.15U.S. Department of the Treasury. Description of the Extraordinary Measures
Once the debt limit is raised or suspended, the law requires Treasury to make those retirement funds whole, including any interest they would have earned. During the standoff itself the maturity schedule is effectively distorted: securities that would normally roll over get redeemed early or aren’t reinvested, and the usual rhythm of auctions can be disrupted. Maturity payments on individually held bills, notes, and bonds have historically continued on schedule even during debt ceiling impasses, because the government prioritizes those obligations. The strain falls on the broader fiscal machinery that keeps the maturity calendar running.