St. Louis Fed, Report: Assessing the Costs of Rolling Over Government Debt
“In conclusion, the US government had $21.4 trillion in outstanding US Treasury debt as of December 2022. Given large increases to interest rates over the past year, we estimate that it will cost the US government an additional $98 billion to pay interest on their debt in 2023. This estimate is close to those made by the CBO. Overall, we conclude that pressures associated with rolling over the US government FRMUSD maturing in 2023, while large in absolute terms, are relatively small compared with the size of the US economy. However, the longer interest rates stay high, more and more of the FRMUSD will be rolled over at higher rates, continuing to cause interest payments by the government to become a larger and larger portion of the budget.”
FRMUSD = Fixed-Rate Marketable portion of the U.S. Debt