Debt Ceiling

We wouldn't be talking about the debt ceiling if President Clinton's budgeting policies had continued. There would be no debt.

Publicly held debt of the United States right now is about 63% of GDP. Most US households would be happy if their debt, including mortgage, car loan, etc. were no more than 63% of annual income.

If the US defaults on its obligations, and you owe any money to anyone, you can expect your payments to increase, because one or more of your payments is likely pegged to US T-bills. This will drag our economy down even more.

Last week a columnist for the News and Observer wrote in glowing terms about the US economy of 1834. If that's where we are going, believe me - you won't like it. Where are you going to stable your horses?