Treasury term structure moves out, I hear

The average loan length the government has, about 5 years. This means that in the next four years, DC will roll over its old debt and pay the five year rate on the roll over interest change. As a percentage of their budget this interest cost went up from 10% to 22%, or so, during the Clinton growth.  Any comparable amount of growth, today, will drive the number up to 30%,  likely. But anything close to Clinton growth drives the deficit to gdp down, but Clinton had a full set of taxables at the IRS, Obama don't.

The extra interest costs, resulting from Clinton era growth,  will be in the range of  two to three percent of GDP growth; 10-20% of federal budget. I expect a structural deficit of say, 3% GDP (with tax growth).  I cannot compute any path to anything less than a deficit of 4-5% to GDP, unless we skip growth.