America's Soaring Debt Now Tops $33 Trillion as Interest Costs Eclipse Defense Spending

America's national debt hit $33 trillion in September, with interest payments now exceeding defense spending.

Interest costs have risen as rates climb, making borrowing more expensive.

Much of the debt is held publicly by foreign governments, investors, the Federal Reserve.

Rising rates will exacerbate national debt, making it harder to aid a slowing economy.

U.S. has lost 98% of the dollar's purchasing power since 1971 amid rising debt.