Photo: The U.S. Capitol building as visitors gather at the base of the Washington Monument in Washington, D.C., on December 18, 2021. The U.S. Capitol building as visitors gather at the base of the Washington Monument in Washington, D.C., on December 18, 2021.

The barrage of fresh Treasury bills poised to hit the market over the next few months is merely a prelude of what's yet to come: a wave of longer-term debt sales that's expected to drive bond yields even higher.

Sales of government notes and bonds are set to begin rising in August, with net new issuance projected to top $1 trillion in 2023 and to nearly double next year to fund a widening deficit. The U.S. Treasury is already in the middle of an estimated $1 trillion bump in T-bills as it seeks to replenish its cash coffers in the wake of the debt-limit deal.

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