According to CoinMeta, the U.S. Treasury Department’s Borrowing Advisory Committee warns that if the current scale of Treasury bond auctions is maintained, the U.S. government may face a financing gap of about $1.45 trillion in the 2027–2028 fiscal year. Currently, Secretary of the Treasury Scott Bessent is financing the annual deficit of about $2 trillion primarily through short-term Treasury bills to take advantage of lower financing costs compared to long-term Treasury bonds, but this also increases the risks of future refinancing and interest rates. The U.S. federal government’s annual interest expenses have already exceeded $1 trillion. If the Treasury Department increases the issuance of long-term Treasury bonds in the future, while the Federal Reserve reduces its holdings of long-term U.S. debt, long-term yields are likely to face further upward pressure.