On September 3, Treasury Secretary Scott Bessent announced an increase in the Treasury buyback program, citing liquidity concerns, with the cap per operation rising from $2 billion to more than $4 billion and purchases beginning September 9. The national debt crossed $40 trillion the same day. Reporting since has established that Treasury funds the buybacks by issuing more Treasury bills rather than at the same maturity point, and that adding the 100 basis point yield rise takes the projected 2036 deficit from 6.5 percent to 8 percent. The 10-year has gone from about 4.75% to 5.21%, and Stanley Druckenmiller has published an op-ed criticizing the expansion of long-dated bond buybacks.