According to the latest quarterly refunding statement, the US Treasury is about to sell a record amount of debt, surpassing levels seen both in the aftermath of the Great Depression and the Global Financial Crisis.

On Wednesday, the US Treasury Borrowing Advisory Committee unveiled that it will increase the amount of debt to be sold at the upcoming quarterly refunding auctions to $83 billion from $78 billion three months earlier. This will be the fourth straight quarter of increasing refunding auction sizes and is driven by the soaring US deficit shortfall, which in 2018 hit $779 billion the highest since 2012, as well as the Fed's ongoing balance sheet shrinkage.

Here are the details of the TBAC's proposal:

Auctions for 2-, 3- and 5-year notes will increase by $1 billion in both of the next two months; last quarter Treasury implemented increases in all three months

As a result, the size of 2-, 3-, and 5-year note auctions will increase by $2 billion, respectively, by the end of January. 

Auctions for 7-, 10-, 30-year notes to be raised by $1 billion in November and then kept steady through January