very short term that is correct K8sy, the other problem that the states have is that they are borrowing shorter term now, because the interest rates are cheaper, from memory the average term is around 4.5 years, some is longer, some is shorter, the short bills would be imeadiately affected, and all rolling over of the medium/longer term debt, when due, would have increased interest rates applied.
the interest rates on US treasuries, cant get much lower than they are now, but really the US cant afford to increase them much either.
