Deficit Hawks Have Private Debt

Politicians basing their campaign on deficit reduction had better look to their own finances. Last month Newt Gingrich was ridiculed for running up a $500,000 tab at Tiffany & Co. Rep. Michele Bachmann also has some outstanding liabilities: a mortgage between $100,000 and $250,000 and a business loan between $250,000 and $500,000. Reps. Ron Paul, one of the founding figures of the Tea Party, and Eric Cantor, who pulled out of debt-limit negotiations last week, have liabilities between $250,000 and $500,000. But none has more debt than Minority Leader Nancy Pelosi, whose latest financial disclosure statement reported liabilities on six separate properties, totaling between $4.75 million and $21.5 million.