I have compiled the outstanding marketable debts of the United States that are due between 2025 and 2026- note that this does not include government held debts, only those in the market. What is the concept of debt maturity? That is to say, these debt holders need to bring the bonds to the Ministry of Finance to demand cash redemption and return the bonds to the Ministry of Finance. At this time, the Ministry of Finance needs to provide US dollars to repay the investors. It can be seen that the short-term bills from April to June are mainly short-term bills (0-1 year), which do not need to be worry about temporarily. It is estimated that they will still be replaced with short-term bills. The logic here is that even if the interest is slightly higher, if only paying interest within one year, it is not too much. The problematic ones are in non bill, which means they have been over a year. This part can be seen every month, with an average of 270 billion US dollars per month. This part of the Ministry of Finance must want to replace long-term bonds with lower interest rates. If you replace long-term bonds, the current interest rate will be very uneconomical. As shown in Figure 2, for the 10-year treasury bond, the interest rate of 5% is equivalent to a discount of 36% compared with zero interest. If the interest rate continues to drop to 6-8%, it is almost equivalent to a half discount, that is, you borrowed 100 yuan, but received only 50 yuan. Of course, there is another figure that has not been calculated, which is the deficit of the US government. It will be 1.8 trillion yuan in 2024 and has not decreased so far in 2025. From this data, it can be seen that the so-called "debt wall" in the market looks good at least for the government. The Ministry of Finance still hopes to reduce interest rates, but it cannot be said that interest rates exceeding 5% will immediately collapse. It is simply that the government will raise less funds or continue to settle short-term debts. Of course, this is in line with the performance of any financially poor company - unable to borrow long debts, borrowing short debts