The US is a Giant ARM

I understand that the U.S. is issuing mostly 2-year T-Bills, since it cannot find buyers for longer term debt. So unless the U.S. intends on paying off all this paper the U.S. if forced into basically rolling and re-issuing massive amounts of debt. If interest rates were to rise it would quickly become a huge burden on the budget.

So rising interest rates must not be allowed to happen at all costs. If they do then the debt must be monetized and/or the USD devalued. Not great choices but the only choices.