Michael Peterson, CEO of the Peter G. Peterson Foundation, said rising U.S. debt has become a midterm-election focal point and framed the issue as a cost-of-living problem. He warned higher debt raises interest costs — interest outlays now exceed defense spending — and said each $1 trillion of additional debt pushes up interest rates and inflation, increasing mortgage, auto and credit-card payments. He added rising debt undermines economic growth and slows wage growth while living costs rise.