Just two weeks after he was sworn into office, former President Ronald Reagan went on national television to address the American people about what he perceived to be a dire problem. It was the national debt.

"The federal budget is out of control, and we face runaway deficits of almost $80 billion for this budget year that ends September 30th," he said. "The deficit is larger than the entire federal budget in 1957, and so is the almost $80 billion we will pay in interest this year on the national debt."

By 1960, our national debt stood at $284 billion," said Reagan. "Congress in 1971 decided to put a ceiling of $400 billion on our ability to borrow. Today, the debt is $934 billion. So-called temporary increases or extensions in the debt ceiling have been allowed 21 times in these 10 years, and now I've been forced to ask for another increase in the debt ceiling or the government will be unable to function past the middle of February -- and I've only been here 16 days. Before we reach the day when we can reduce the debt ceiling, we may, in spite of our best efforts, see a national debt in excess of a trillion dollars.

"Now, this is a figure that's literally beyond our comprehension," said Reagan.

Eight months after Reagan issued this warning, the federal debt did top $1 trillion on Oct. 23, 1981.

Less than five years later -- on April 5, 1986 -- The New York Times ran a story with this headline: "U.S. Debt Tops $2........

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