Refinance the National Debt.

Why hasn’t the government refinanced the national debt?

We will pay over $500 billion dollars in interest on our outstanding debt this year, money that could be used on domestic programs. Interest rate on long term treasury notes are less than 2% today. Why can’t we exchange older high interest debt for current low interest bonds and notes? We could save billions of dollars in annual interest payments

IWe The People would really like an explanation, please. Not just the canned reply.