Important Takeaways:

• America’s gross national debt hit an eye-watering $33 trillion for the first time in September — mere months after eclipsing the $32 trillion mark earlier in the year.
• The U.S. is also currently spending more to pay interest on the national debt than it does on national defense, according to the Treasury’s monthly statement.
• In the current fiscal year through August, the Treasury has shelled out $807.84 billion in interest on its debt securities, while the Department of Defense’s budget for military programs totaled just $695.44 billion in the same period.
• A deficit is what happens when the government spends more money in a fiscal year than it brings in through taxes — and the last few years have been expensive for the U.S.
• Nearly $2 billion is spent every day just in interest on the national debt
• Foreign governments and private investors are one of the biggest holders of the public debt, owning around $8 trillion.
• “With more than $10 trillion of interest costs over the next decade, this compounding fiscal cycle will only continue to do damage to our kids and grandkids.”

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