Federal Debt Crisis: Interest Costs Surge, TBAC Signals Rising Yields

U.S. federal debt at $39.84T (101% GDP), interest costs $1.2T exceeding defense. TBAC report confirms yields rising (10yr ~4.6%), TGA rebuild to ~$950B for Q4 FY26. 30yr yield at 5.28%, term premium 1.51%. September credibility test key. CRFB calls for $10T deficit reduction.