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BusinessBusiness

National debt grows at a million dollars a minute

By: | TriCities.com
Published: December 03, 2007

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WASHINGTON (AP) - The national debt is expanding at the rate of

about 1.4 billion dollars a day, nearly a million dollars a minute.

The debt now comes to about 30-thousand dollars for every living

American.

And, like homeowners with adjustable-rate mortgages, the

government faces the prospect of seeing the debt balloon in the

same manner. It will have nearly doubled under President Bush's

watch by the time he leaves office. Congress recently raised the

debt ceiling to make sure the government can continue to operate.

And experts say, without major tax hikes or spending cuts, it

may be next to impossible to chisel down the debt, no matter who

controls Congress and the White House.