It's that the limit on borrowing has dropped too low.

In a recent interview, the governor defended his record on borrowing.

In turn, that might have allowed it to save money on other borrowings.

It could also be used to impose controls on borrowing.

Also, the deductibility of the interest on such borrowing has been limited.

"This is a natural result of a culture based wholly on borrowing and imitation."

In an industry so dependent on borrowing, he examines factors like the risk of higher interest rates.

Its default on borrowing gave moral obligation a bad name.

As real estate values declined during the early 1990's, so did the ceiling on borrowing.

The thing is, if less of our money supply was predicated on borrowing we wouldn't need such high growth anyway.