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Politics : PRESIDENT GEORGE W. BUSH
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To: Bill who wrote (488531)11/6/2003 7:59:26 PM
From: jackhach  Read Replies (1) of 769670
 
First off BILL -- you need to understand the DIFFERENCE between a NATIONAL DEBT and a BUDGETARY DEBT. One is ongoing, long term which accumulates/decreases over time (i.e., 30 year bonds etc...)

The other is momentary (annual) -- just like your household. Such that if you run a deficit you either have to plow that into your next year's budget (often impossible) or borrow to pay it therefore adding to your long term debt (national).

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