A lot of the Government debt is short dated, so it needs to be rolled. For example according to [1] (the official source), about $4 trillion of the debt is in T

A lot of the Government debt is short dated, so it needs to be rolled. For example according to [1] (the official source), about $4 trillion of the debt is in T-bills, so they mature in less than 2 years, and about $13 trillion in T-notes, which mature in less than 10 years. [1] https://www.treasurydirect.gov/govt/reports/pd/mspd/2022/opds012022.pdf https://www.treasurydirect.gov/govt/reports/pd/mspd/2022/opd...