Stay the course and eliminate debt

In his address to Congress and the nation on Tuesday, February 27th, 2001, President George W. Bush stated that he wanted to reduce the national debt by $2 trillion.

According to the Congressional Budget Office, the overall national debt - debt held by the public and debt held by government accounts - is $5.7 trillion.
At the end of fiscal year 2000, debt held by the public amounted to $3.4 trillion.
A $2 trillion reduction will not fully retire either of the above.

President Bush stated that not all of the debt could be paid off within a 10-year period.

According to the CBO, $28 billion would be available to the Treasury but not applied to debt redemption because the remaining debt:
* Will have not yet reached maturity;
* Will not be available for repurchase at a price that the Treasury would be willing to pay; or,
* Will be held in non-marketable form (for example, savings bonds).

For fiscal year 2000, the interest on the national debt amounted to $362 billion.
By eliminating the national debt, the interest on the national debt will also disappear.

I believe that $28 billion debt held by the public is far more palatable than a $1.4 trillion debt.
I believe that the $362 billion paid a year in interest can be better used by Congress to provide the necessary services that the American people demand and require.

I would like to see America stay the course and eliminate the national debt as proposed by former President Clinton and the Democrats.

George W. Bush reminds me of a used car salesperson - selling something that down the road is just going to cost you more money.

(Reference: Stay the course and eliminate debt, by Nikola (Nick) Drobac, The Times/Beaver Newspapers Inc., Pennsylvania, dba Beaver County Times, Beaver, Pa.; Thursday, March 1, 2001; page A7)

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