That's assuming the market complies with 3% rates. And that the dollar doesn't do a nose dive (as it did when Bush & Co. went wild with spending), debasing the US standard of living, setting off a nasty chain reaction of consequences.
Who is going to buy $1 trillion of new US debt every year? Sooner rather than later, nobody. That's nearly equivalent to the sum that Japan and China are each holding. There's nobody left on earth that can absorb another $10 trillion in US debt in the next ten years, while continuing to maintain the existing $21 trillion pile. What will happen, is perpetual QE, debt monetization. The Federal Reserve fiscal death spiral begins and they have to forcibly maintain hyper low rates forever.
Already the $15 trillion those clowns have added to our national debt over just ~16 years, is going to steal the money we need annually for infrastructure spending. The interest cost on $15 trillion at just 2% is enough to not only rebuild all US infrastructure over ten years, it'd build us bullet trains out the wazoo. All because they couldn't maintain basic fiscal discipline after 9/11.
Or, alternatively, taxes have to go up a lot.
The US has spare taxing capacity that most developed nations do not, however the rich are likely to be inclined to absorbing inflation rather than seeing their taxes go up a lot, they'll fight that. They can adjust assets, to a reasonable degree, to respond to inflation.
After Japan's savings rate hit near zero, and the people of Japan could no longer finance their government's reckless spending, they had to turn to Yen debasement to manage their debt interest problems (attempt to inflate the problem away by destroying the currency), the consequences of that are extremely ugly over time unless you slash spending, growing a lot faster, or massively raise taxes (or a combination). Today their debt interest cost is over 1/3 of tax revenue. At those levels, you stop being able to maintain things you need to maintain, and the debt robs you of being able to make large investments for the future. That's where the US is heading over the next 10 or 15 years, and it already can't afford to deal with its existing spending needs.