The U.S. Treasury released eye-popping numbers this week that show the federal budget deficit is on course to cross $1 trillion in fiscal 2020, yet nobody seems to care.

The government ran a deficit of $357 billion in the fiscal quarter ending in December and is on track to reach $1 trillion this fiscal year for the first time since 2012. On a calendar basis, 2019 was the first year to touch $1 trillion since 2012.

As a result, the Treasury Department has been expanding its debt issuance to cover a deficit that has been rising every year since 2016, including a plan to issue a new 20-year note.

If interest rates "went up for a couple months, ... people would say this is getting more expensive," said Michael Schumacher, director rates strategy at Wells Fargo Securities. "Right now, they're not focused on it and that's one of the reasons why you have none of the political candidates focused on it. ... They don't care. The market is not penalizing them for it."

Strategists and economists say the ballooning deficit doesn't really matter, as much as it did when unemployment was high and the economy was weaker. Unemployment is now at five-decade lows, and U.S. interest rates are historically low, though higher than most other countries, making U.S. Treasury yields quite attractive.

"The deficits are big, but I don't think at this point they are problematic because you've got this relatively high global savings rate, and even though the U.S. deficits are large, they're still much lower than where they are in other parts of the world," said Joseph LaVorgna, chief economist Americas at Natixis. He said the deficit normally does not grow when the unemployment rate is low.

Just several years ago, politicians would have been bickering about high spending and high deficits, and in the past administration, squabbling over spending and deficits shut down the government.

"First, deficit hawks are now an endangered species in Washington. During President Obama's administration, Republicans worked hard to contain the deficit, insisting on rigid caps on spending," wrote Bank of America economists. "More recently not only have the caps been raised, but the recent tax cuts were funded mainly with additional borrowing."