According to Axios, annualized U.S. interest costs have reached $1.2 trillion, topping defense spending, as governments worldwide face higher borrowing costs and refinance old debt at today's rates. Charles Schwab researchers said the government rolls over portions of its debt at market prices, gradually lifting the effective interest rate on its total debt stock in a high-rate environment. The Congressional Budget Office said debt held by the public is about 101% of GDP and projects it will rise to 120% in 10 years. Axios also noted that last week the government paid the highest auction yields on 10-year notes since 2007 and 30-year bonds since 2001.