Posts Tagged ‘debts

18
Jul
11

‘if he can do it there…….’

16
Jun
11

the belt-tighteners

Washington Post: Members of the firebrand class of Republican freshmen on Capitol Hill – elected on a pledge to attack the U.S. debt problem – have, in some cases, accumulated tens of thousands of dollars in personal debt, according to financial documents released Wednesday.

Among the 87 new GOP members of Congressmat at least 30 had liabilities totaling $50,000 or more in 2010 …. at least seven had credit card debt exceeding $15,000.

The newcomers have helped press a simple GOP message about the public debt: The country has too much and must reduce its burden immediately. These documents seem to show that, in their private lives, some freshmen took a more nuanced view: Debt could be useful, when put toward furthering ventures in real estate, farming or other businesses.

….Among those with credit card debt was Rep. Blake Farenthold (Tex.), who has pressed for major action to control the national debt. Earlier this year, Farenthold issued a statement rejecting any increase in the debt limit without major spending cuts. “Like the rest of America,” the statement said, ‘the government needs to tighten its belt and work within its means.”

Farenthold’s 2010 disclosure forms show credit card debt of $45,000 to $150,000…

…..Among those with significant debt was Rep. Stephen Lee Fincher (R-Tenn.), who had been accused of playing down his debt during the campaign. The disclosure documents show that he is carrying $1.6 million to $6.4 million in loans relating to his family’s 2,500-acre farm in Frog Jump, Tenn.

Full article here




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