Gilbert Gutknecht: “I think it is very graphic when you explain this to schoolchildren. I think most Americans can relate to credit card…”

“I think it is very graphic when you explain this to schoolchildren. I think most Americans can relate to credit card debt. Every so often we read about someone or we hear about a friend or a neighbor or maybe it is us where we get into trouble with our credit cards, where we are charging more and we have reached a point where we are having more and more difficulty just making the monthly minimum and paying the interest. The Federal Government in some respects is like that person who is having some problems with their credit card debt. They are having more and more difficulty just making the interest payments. If you had a person like that, the last thing you would do for that person, the last thing you would do is say, why do you not start out by going up and running up another $24 billion worth of debt on that credit card. No, I think the American people say, the first thing you ought to do is cut out the credit card. Stop spending more than you take in and do it quickly.”