This image is from the NYTimes:

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As the image indicates, higher long term interest rates are indicated by this need to roll over some of this short term debt. The Treasury must also issue an additional 1.5Trillion dollars in NEW borrowing this year. This massive demand of government borrowing will also push interest rates up. Indeed, they already have. Compare the following two charts:

Today                                                                                            12/10/2009

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Notice anything? The entire curve has shifted up and the 10-Year Treasury is yielding 4% vs. 3.5% 4 months ago.

This is incrementally bad for other rates referenced off Treasuries in the economy, notably mortgage rates.  It also means that interest cost for the taxpayer is going to increase which exacerbates an already huge fiscal deficit.