Right, that's the amount issued in short term bonds and whatnot. It cycles all the time. But again: it's maturing. You don't need to "refinance it", for the same reason you don't refinance a mortgage with only $6k principle left. There's no point, just pay it off and work on a new loan.

So the question becomes "can we get better rates for bonds?". And clearly the answer is hell no, because nothing in this mess makes US debt look more attractive to foreign investors. We're moving in the opposite direction from the way the cult expects things to go.

'Trump talked about tariffs to Opra in the 80s because 25% of US debt would mature in 2025' isn't the 4d chess you think it is.