In early 2020, the United States government had more than $23 trillion in debt (approximately $80,000 for every U.S. citizen) outstanding in the form of Treasury bills, notes, and bonds. That number i

In early 2020, the United States government had more than $23 trillion in debt (approximately $80,000 for every U.S. citizen) outstanding in the form of Treasury bills, notes, and bonds. That number is now growing due to the current coronavirus situation. From time to time, the Treasury changes the mix of securities that it issues to finance government debt, issuing more bills than bonds or vice versa.

With short-term interest rates near 0 percent right now in the middle of 2020, and still very very low, historically today, suppose the Treasury decided to replace maturing notes and bonds by issuing new Treasury bills, thus greatly shortening the average maturity of U.S. debt outstanding. Discuss the pros and cons of this strategy.

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