danhoff said: "How do you propose the US pay the interest on debt at normal interest rates; that just adds an extra 1 Trillion a year to their already 1 Trillion a year budget deficit"
Most government debt is in the form of bonds, and the coupon payable is fixed. Thus rising interest rates only affect new debt and maturing debt. The rate on existing debt is fixed until each bond matures. So the impact kicks in gradually over many years.
