General Discussion

The IOUs are called "special issue Treasury Bills" and many have been redeemed as the 'trust fund' needed to supplement on-going revenues. And until they're needed, for that purpose, there is no need or even excuse for pulling money out of them.

Another part of the puzzle is that the T-bills are conservative in nature. They are not pegged to any market; they are a monopoly, issued by the government, for a monopsony, the government. Public-issue T-bills increase, these are pegged at the same interest rate.

They vastly underperform the stock market. On the other hand, they are considered safe. Unlike public T-bill market--also considered safe--there is no demand-side chances of a rate increase.