With the US public debt fast approaching $11 trillion, and Treasury yields at record lows (10-yr bonds @ 1.58%, 30-yr bonds @ 2.69%), the Treasury should refinance all our debt and lock in these low rates for a generation or two, minimizing interest payments for our kids and grandkids. They should even issue 50-year and 100-year bonds! Otherwise, when rates rise, and they always do, debt service costs will skyrocket.