ABSTRACT
GovERNMENTDEBTisaverycomplicatedsubject.Probably amajorityofthe175,000orsogovernmentbodiesinthe UnitedStates,rangingfromthefederalgovernmentdownto schoolandassessmentdistricts,havesomeoutstandingdebt. Atthepresenttime,thetotaldebtsofthesebodiesstandnot farfrom$50billion.Ofthisabouttwo-thirdsrepresentsdebt ofthefederalgovernmentandtheremainingthirdthedebts ofcities,states,counties,schooldistricts,andsoforth.About halfthedebtofstateandlocalgovernmentsisowedbycity governments,towns,andincorporatedvillages.1
