Rising Interest Rates May Blow Up The Federal Budget | ZeroHedge

My Comment:  Of course, it's not just rates, that will increase the deficits because a recession will mean lower revenues which means higher deficits and it applies to all sovereign debt, not just US.  I'm expecting $2Trillion US deficits for several years and for the national debt to reach $40Trillion by 2026.  In the meantime, the Biden administration keeps finding new ways to increase the deficit (student loan forgiveness, war in Ukraine, gas tax holiday, etc.

Excerpt:
If Treasury rates continue to rise, and rise precipitously, the effects on congressional budgeting will be immediate and severe. Even if we laughably assume total federal debt remains static at around $23.8 trillion (the publicly held portion of the $30 trillion), interest rates of merely 2 or 3 percent will cause interest expense to rise considerably. Average weighted rates of only 5 percent would cost taxpayers more than $1 trillion every year. Historically, average rates of 7 percent swell that number to more than $1.5 trillion. Rates of 10 percent—hardly unthinkable, given the Paul Volcker era of the late seventies and early eighties—would cause debt service to explode to over $2.3 trillion.