"First, rising interest rates would only increase interest payments on NEW debt, not existing debt" Nope. US debt is financed with short term bonds because th

"First, rising interest rates would only increase interest payments on NEW debt, not existing debt" Nope. US debt is financed with short term bonds because the rates are lower. This debt is revolving and thus requires frequent refinancing. Could the US convert it to 30 & 50 year treasuries? Sure. But those have higher interest rates! Edit: Reference from an economist on this exact issue: https://www.treasury.gov/about/organizational-structure/offices/RoundTable/2012%20session%204_comments_cochrane.pdf https://www.treasury.gov/about/organizational-structure/offi...