Scott Fitzgerald: “In the last few days in Washington, there has been literally a euphoria over the notion we in Washington are running…”

“In the last few days in Washington, there has been literally a euphoria over the notion we in Washington are running large budgetary surpluses on an annual basis. The uncorking of champagne bottles all around town has taken place on the notion that, because we are running surpluses, we are somehow paying down the national debt. Yesterday, the New York Times had an article on page 14 entitled, ``Clinton Sees the Possibility of Zero U.S. Debt by 2015.'' As I will show, this article is dead wrong. The article stated that the entire national debt, which now stands at over $5.6 trillion, will be paid down by the year 2015. It went on to state that the debt clock in New York, which is a daily tally of the Federal national debt, would be down to zero by the year 2015. It turns out that is dead, flat wrong. In fact, the national debt is now rising. It is going to continue to rise every year of the President's 15-year projections. The total national debt by the year 2015, as listed on that debt clock in New York, will stand at more than $7 trillion.”