Uncle Sam’s $8 Trillion Annual Debt Churn: Why Washington Is Pertrified Of Honest Interest Rates

Uncle Sam’s $8 Trillion Annual Debt Churn: Why Washington Is Pertrified Of Honest Interest Rates | David Stockman's Contra Corner:
"I know that headline sounds completely outrageous.
But it is actually true.  
The U.S. government is borrowing about 8 trillion dollars a year, and you are about to see the hard numbers that prove this.
When discussing the national debt, most people tend to only focus on the amount that it increases each 12 months.
And as I wrote about recently, the U.S. national debt has increased by more than a trillion dollars in fiscal year 2014.
But that does not count the huge amounts of U.S. Treasury securities that the federal government must redeem each year.
When these debt instruments hit their maturity date, the U.S. government must pay them off.
This is done by borrowing more money to pay off the previous debts.
In fiscal year 2013, redemptions of U.S. Treasury securities totaled $7,546,726,000,000 and new debt totaling $8,323,949,000,000 was issued.  
The final numbers for fiscal year 2014 are likely to be significantly higher than that.
So why does so much government debt come due each year?"