Soaring Interest Payments on National Debt Now a Top Concern as Annual Costs Hit $1 Trillion

Americans are spending $1 trillion a year just on interest payments as national debt hits $33 trillion.

Economists say high debt and interest payments are a economic and national security emergency.

Interest payments will soon become the largest government expenditure, more than defense budget.

Events like wars, recessions, and COVID-19 have triggered large spikes in national debt.

Higher interest rates are fueling inflation and raising costs of mortgages and other loan payments.