🚨 This Is a Big Deal — And Most People Are Ignoring It

Over the next 12 months, about $9.6 trillion of U.S. government debt has to be refinanced.

That’s roughly one-third of all public debt.

A lot of it was issued when rates were near zero.
Now it rolls over closer to 4–5%.

Even a modest 2% increase in average cost = nearly $200B more per year in interest.

And annual interest spending is already moving toward $1 trillion.

That’s real money. Real pressure.

This doesn’t mean default.
It doesn’t mean collapse tomorrow.

It means the system is more sensitive now.

Higher yields → bigger deficits.
Bigger deficits → more issuance.
More issuance → markets demand higher compensation.

That feedback loop is what makes the next year potentially volatile.

I’m not saying panic.

I’m saying pay attention.

When debt costs start compounding at this scale, markets don’t stay calm forever.