Here's what just went down with U.S. finances: The government borrowed $654 billion in a single week. Yeah, you read that right.

Now here's the catch—most of that wasn't fresh money to fund new stuff. It was just shuffling old debt around. Classic refinancing.

But the real story? Since 2020, this short-term borrowing game exploded. We're talking $4 trillion in additional short-term debt stacked up. That sounds abstract until you realize what it means: about one out of every five dollars the U.S. government owes is now on these shorter-term instruments.

Why should you care? Because the government is increasingly caught in a cycle where it needs to keep rolling over debt instead of managing it strategically. Rising rates make refinancing more expensive. Fiscal pressure mounts. Market uncertainty spikes. For anyone watching macro trends and their impact on global markets—including crypto volatility—this debt trajectory is worth tracking closely.