$1 trillion is just the net increase, the sales volume (total value of all Treasury bond auctions during the year) was more like $5 trillion. Also, fun fact, $

$1 trillion is just the net increase, the sales volume (total value of all Treasury bond auctions during the year) was more like $5 trillion. Also, fun fact, $1 trillion is about the daily private transaction volume of U.S. Treasuries.