How much debt us has to refinance next year?

Here's a summary of the US government debt refinancing picture for 2027 (next year from today's perspective of May 2026):

The Big Picture

About a third of the approximately $30 trillion in US Treasury debt is maturing — amounting to roughly $10 trillion in Treasury bonds that need refinancing. Real Investment Advice

Broader Context

As of April 2025, the Treasury Department reported that 31.4% of the outstanding national debt — about $11 trillion — was due for refinancing within a 12-month window, against a total national debt exceeding $36 trillion. Fox Business

Zooming out further, an estimated $28 trillion in national debt needs to be refinanced over a four-year span, much of it at significantly higher interest rates than when it was originally issued. Tavex Bullion

Why It Matters

A lot of the maturing debt was originally issued at around 2% interest, but now must be refinanced closer to 5% — that 3-percentage-point difference on $28 trillion translates to roughly $840 billion in additional annual interest costs. Government interest expense could easily exceed $2 trillion within a few years. Tavex Bullion

Is It Manageable?

Some analysts argue this is less alarming than it sounds: the investors who currently hold the maturing Treasury debt — money market funds, foreign governments, insurance companies, etc. — are largely required or incentivized to reinvest the proceeds, meaning the refinancing demand is largely matched by existing investor demand. The bigger concern is the new deficit spending added on top of the rollover. Real Investment Advice

In short, the US faces a very large but not unprecedented refinancing task — the challenge is doing it at today's higher interest rates rather than the near-zero rates of 2020–2021.