This is my first diary, so go easy. Please leave impression, not marks </ShamelessGannonReference>
In light of the horrendous bankruptcy bill and complaints of too much consumer debt, I felt it necessary to diary about the Consumer Debt that we collectively hold: The national debt. It has been written time and time again that it is nearly impossible to repay it by paying only the minimum payment (interest only). We are near our credit limit and quickly approaching permanent indebtedness. Our "minimum payment" for the fiscal year of 2004 was $321,566,323,971.29, but the debt keeps climbing. To underscore the need to reduce the debt, I offer the following facts: Our 2005 interest payments are approaching our Department of Defense budget numbers, which is our highest expenditure behind HHS; the Department of Treasury is accepting donations to put towards paying down the debt. We also are facing an ever increasing trade deficit, which there is no foreseeable end, and is an indicator of our slowing economy. Now, more then ever, we must aggressively start repaying the debt </keepPreachingToChoir>
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