What to do about our debt? « Thread Started on Nov 23, 2006, 6:57am » --------------------------------------------------------------------------------What to do about our debt? TALK ABOUT ITread at source> http://desmoinesregister.com/apps/pbcs. ... ONNovember 20, 2006 The issue: The United States is a debtor nation. Each day this country's national debt grows $1.6 billion. We're in the red about $8.5 trillion in public debt. The national debt is what the U.S. government has borrowed to meet its deficit - the difference between what the government collects and spends. Over half the national debt is now financed by foreigners.Is that nothing to worry about or a path to financial ruin? Could the billions being paid in interest be better spent elsewhere? Return to pay-as-you-go budgetingPresident Bush inherited from President Clinton the largest annual budget surplus in history, plus a projected 10-year surplus of $5.6 trillion, enough to completely eliminate the national debt. That inheritance has been squandered.