17 March 2006
Not a ceiling fan
Defying the trend set by the Federal government, Oklahoma City resident C. G. Hill announced today that his debt ceiling will remain unchanged at $150,000 for the upcoming year.
Analysis of Hill's finances reveal a substantial decrease in the annual deficit between 2004 and 2005, due largely to a significant reduction in health-care expenses, although this was somewhat offset by markedly higher energy costs.
The debt ceiling, which turned sharply upwards after the acquisition of the palatial Surlywood estate on Oklahoma City's northwest side, had been as high as $166,000 as recently as 2004; the following year, an extensive line of credit was deemed too costly and was canceled.
Mr Hill's actual debt is estimated to be well within the current ceiling, at just under $115,000, the largest single component of which is a mortgage on the Surlywood property, which at the current rate of amortization will be paid off in 2032. Assets held by Mr Hill necessarily fluctuate with market values but are currently believed to be in the vicinity of $130,000. Further adjustments to the debt ceiling are not being considered at this time.Posted at 7:19 PM to General Disinterest
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