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Story summary
- U.S. Treasury yields rose to 5.28% on the 10-year note, the highest since 2002.
- Annual interest payments are about $1 trillion on over $40 trillion of debt.
- Treasury is issuing more short-term bills and buying back older debt to boost liquidity, said Torsten Slok.
- Economists say fixing deficits via spending cuts or higher revenues is the only long-term solution, said Veronique de Rugy.