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PRESIDENT AND CONGRESS WARNED ON INCREASE IN THE NATIONAL DEBT LIMIT

 NEW YORK, Jan. 25 /PRNewswire/ -- Wealthy real estate developer Seymour Durst has written a letter to President Clinton and to every member of Congress warning them on the impending increase in the statutory national debt past it's current limit of $4.1 trillion.
 Unless we start reducing the national debt, we will have an economic catastrophe by the end of the century, wrote Mr. Durst, who is running his letter as an op-ed page advertisement in today's (Monday, Jan. 25) New York Times.
 Mr. Durst, who has erected an electronic billboard on 43rd Street and 6th Avenue in Manhattan that keeps track of the national debt (it goes up $13,000 a second, or $1 billion a year), noted in his op-ed ad that each family's share of the national debt now stands at $61,850. Congress has raised the national debt about 50 times.
 In his letter, Mr. Durst calls for "courageous and resourceful government action," saying that long before any catastrophe caused by the solar "greenhouse" effect predicted for the 21st century, we must "gird ourselves for the certainty of greenback' catastrophes before the end of the 20th century."
 Mr. Durst points out in his letter that interest on the national debt -- now $292 billion annually -- absorbs half the nation's tax revenue, which should be going instead for social and civic purposes and to stimulate the economy.
 -0- 1/25/93
 /CONTACT: Seymour Durst of The Durst Organization, 212-644-0651; or Jim Grossman of Howard J. Rubenstein Associates, Inc., 212-489-6900, for The Durst Organization/


CO: The Durst Organization ST: New York IN: FIN SU: ECO

WB-OS -- NY041 -- 8410 01/25/93 11:03 EST
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Publication:PR Newswire
Date:Jan 25, 1993
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