To corporations, it is the mountain of debt that has been created by a spate of fierce merger wars. Consumers who have been seduced by easy credit know it as the flood of bills that arrive each month. For the Government, it is the largest and most menacing budget deficits in U.S. history. From whatever vantage point it is viewed, Americans have been on a frantic borrowing binge. And that vast accumulation of IOUs has become a frightening threat to economic well-being.
The numbers alone tell an awesome story. U.S. debt for all households, governments and nonfinancial businesses swelled last year...
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