How is the US Treasury going to get out of this situation? They can't afford to service the debt at these interest rates, but they need to increase rates further if they want anyone other than the Fed to buy the new bonds.
As the US Treasury Runs Out of Creditors, Its Options Dwindle
By Jonathan Newman
"With US government debt skyrocketing past $33 trillion and possible recession looming, the Treasury faces the prospect of running out of suckers. Finding buyers for US debt will become much more difficult."