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It took the first 204 years of our Nation's history to accumulate $1 trillion in debt. And now we are doing that every 2 or 3 years.

I don't mind the government accruing debts as long as every dollar is spent effectively with a high return. That works out fine. If you accumulate debts and waste your money, that's, of course, a disaster.

Public borrowing is costly these days, true, but interest rates on municipal bonds are still considerably lower than those borne by corporate debt.

President Obama has almost doubled our national debt to more than $19 trillion, and growing. And yet, what do we have to show for it? Our roads and bridges are falling apart, our airports are in Third World condition, and forty-three million Americans are on food stamps.

The debt they ran up in the first year of the Obama administration is bigger than the last four years of the Bush combined.

The great increase in longevity has produced a surge in the desire to accumulate assets for retirement. It has outpaced the ability of the private sector to produce assets, so we need a larger government debt.

Debt is a drag, a reality you may experience with every credit-card bill you open. But for a corporation or a government, it can be even more of a drag - on economic growth and job creation.

I firmly believe that the U.S. has to honor its debt.

When George W. Bush entered office, the national debt was $5 trillion. When he left, it was $10 trillion. I think the administration spent too much money.

Remember, Republican economic policies quadrupled the debt before I took office and doubled it after I left. We simply can't afford to double-down on trickle-down.