And because public debt is piling up nearly everywhere, this only delays a reckoning.
The Founders harbored serious doubts about the legitimacy of any public debt at all.
The locus classicus of Congressional jurisdiction over public debt is in Article 1, Section 8.
This relies on projections by government agencies on budget deficits, public debt, and entitlement spending.
Public debt, the commission said, could equal as much as 135% of GDP by 2035.
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The average maturity of U.S. public debt is about 63 months, or about 5.2 years.
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The explosive growth of U.S. public debt is the next illustration of this principle.
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Public debt, thanks to a bloated bureaucracy and subsidized social programs, is 28% of GDP.
The state offers tax relief and public debt to heavy industry but not to high-tech companies.
Essentially, one of timing: as public debt, the bill can be met over many years.
Public debt as a percentage of GDP is 50%, down from almost 60% in 2002.
On average, the public debt of Caricom countries has risen by two-thirds since 1998.
Public debt as a percentage of GDP declined from about 60% to 35% of GDP between 2002 and 2012.
But unlike Argentina, Uruguay did not default on its public debt nor tear up its contracts.
Italy's public debt, by contrast, is set to stabilise at around 120% of GDP in 2012.
Public finances were mostly in balance, public debt fell and the region ran a current-account surplus.
Since 2008 the country's public debt has more than tripled, to 36% of GDP.
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For investors edgy about Brazil's public debt, however, Mr Palocci is just what the doctor ordered.
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The government said the cuts were needed to reduce public debt and bring "stability" to the economy.
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Italy's load of public debt has been growing, but borrowing rates have not come under pressure yet.
Its budget is in surplus, its public debt, at 18%, is the lowest in the developed world.
That Greece is, at some point, going to default on its public debt is a foregone conclusion.
According to Bloomberg, the weighted average maturity of all American public debt is now around five years.
Mr Dzurinda wants to restructure the banks, sell off state-owned firms and carry on cutting public debt.
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The issuance of so inordinate an amount of public debt would crush the value of Japanese bonds.
Merely to stabilise public debt at its current levels will require aggressive fiscal tightening in several countries.
When it joined the euro in 2001, its public debt was already more than 100% of GDP.
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Although public debt rose, it remained low as a share of GDP compared to the rest of Europe.
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The budget unveiled this morning estimates that public debt will reach 189pc of GDP next year (not 179pc).
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Italy already has an accumulated public debt equivalent to more than a whole year's gross domestic product (GDP).
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