Show Uintah County's share of fictional debt interest is 2768 Special to the Express What effect will the recent action of Congress raising the ceiling on the national debt by 75 billion have on Uintah County residents low How much of the money that the Federal government is collecting this year from the local area by fay way of income taxes excise taxes and the like Is needed to meet the annual interest charges on that debt which Is now In the neighborhood neighborhood neighborhood neigh neigh- of billion The local share of these carrying charges Is approximately approximately ap ape ap- ap proximately it is estimated That covers only the interest on the debt It does not reduce the principal at all The debt itself has been growing by leaps and bounds over the years At one time lime going back to lo 1940 It was only 42 42 billion This was equivalent to per capita nationally By 1960 it was up to billion or 2585 2505 per capita and by 1970 to billion equal to 1880 Now at billion it works out to lo for every man woman and child In the country Were there any plan to pay payoff off that debt which there Isn't that tha thatis t Is how much would be Involved As for the Interest on the current debt it amounts to some 40 billion a year That is just about the total provided for forIn forin forin in the budget for health ser ser- vices RESIDENTS of Uintah County In line with their normal normal normal nor nor- mal share of the national tax burden are now paying close to per family toward the annual Interest charges It is estimated This is percent more than was called for in 1970 when the carrying costs were only billion a year The recent increase In the debt ceiling requested by the Administration and approved by Congress brings the allowable debt limit to billion Continued deficit spending has made It necessary There is little concern among economists however over the therise therise therise rise in the nations nation's debt They point out that the economy has also been expanding over the years and that the debt today loday relative to lo the gross national product is less than It 11 was a decade or two Iwo ago |