A third of the debt rolls over within a year, at 4–5.6%, not 3.5%
Source. GAO, Federal Debt Management, GAO-26-107529 (March 2026), marketable debt by time to maturity; FRED constant-maturity Treasury yields (DGS3MO, DGS2, DGS10, DGS30), October 1, 2026, via ALFRED, vintage of October 3, 2026; Treasury Fiscal Data, average interest rate on total interest-bearing debt, August 2026. Also: FRED, DGS3MO, via ALFRED, vintage of October 3, 2026; FRED, DGS2, via ALFRED, vintage of October 3, 2026; FRED, DGS10, via ALFRED, vintage of October 3, 2026; FRED, DGS30, via ALFRED, vintage of October 3, 2026; Treasury Fiscal Data, Average Interest Rates on U.S. Treasury Securities. Maturity, September 2025; yields, October 1, 2026; average rate, August 2026.
Method and data
Method. GAO: 33% of debt outstanding was set to mature within 12 months and 32% not for at least five years (September 2025). The 35% in one to five years is the remainder (100 − 33 − 32); GAO prints no separate figure. Bills were about 22% of marketable debt in FY2025, up from 13% in FY2014; the weighted average maturity is 71 months; $9.7 trillion of securities mature in FY2026. Yields are the constant-maturity rates for October 1, 2026; the average is the Treasury’s rate on all interest-bearing debt, August 2026.
| Measure | Item | Percent |
|---|---|---|
| Marketable debt by time to maturity, September 2025 | Matures within 12 months | 33.00 |
| Marketable debt by time to maturity, September 2025 | In 1 to 5 years | 35.00 |
| Marketable debt by time to maturity, September 2025 | In 5 years or more | 32.00 |
| Treasury yields, October 1, 2026 | 3-month bill | 4.17 |
| Treasury yields, October 1, 2026 | 2-year note | 4.78 |
| Treasury yields, October 1, 2026 | 10-year note | 5.24 |
| Treasury yields, October 1, 2026 | 30-year bond | 5.61 |
| Treasury yields, October 1, 2026 | Average on all debt (August 2026) | 3.49 |
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Higgins Strategy. “A third of the debt rolls over within a year, at 4–5.6%, not 3.5%” Exhibit 4, The Interest Bill (Study XII). October 12, 2026. https://higginsstrategy.com/charts/12-maturity-and-yields/