Were it not for interest payments on the trilliondollar-plus national debt. the federal budget could be in balance rather than running large deficits. This often-overlooked fact stands in bold relief as debate proceeds in Congress on a proposed constitutional amendment to require a balanced budget. In fiscal 1983 projections, it is estimated that interest on the debt may be close to $134 billion. The ’83 deficit is budgeted at $104 billion. but the Congressional Budget Office says it might be closer to $116 billion. interest payments represent 17.5 percent of the ’83 budget, a jump from 13 percent in 1980 and approaching twice the 9.9 percent in 1970. Sen. Ted Stevens. RAlaska told the Senate recently the debt now stands at $1.08 trillion. 1-low much is a trillion dollars? That much money. Stevens said, would buy more than 75 percent of the nation’s single family homes; or, if given away at the rate of $4 million a day since the birth of Christ it wouldn’t yet be depleted. What the awesome debt is doing to the economy is of prime current concern. For example; – The heavy interest outlay already mentioned. – The debt and deficits as a major factor in keeping interest rates high, hampering economic recovery and discouraging companies from investing in new plant and equipment. – Its tendency to crowd out other borrowers from the money market. The Wall Street Journal recently surveyed leading economists and found most predict little. if any. drop in the interest rates this year. Stevens cited an article by U.S. News & World Report which claimed the mounting competition from Uncle Sam for available credit means that only better-quality corporations and other borrowers will be able to get funds. The cost of the national debt has become a highlysignificant item in the federal budget. Twenty years ago the government paid only $8.3 billion for interest. This had climbed to nearly $19 billion in 1970 and reached $74.8 billion in 1980 on the way to the $134 billion projected for 1983. And as the deficits grow. so does momentum for a balanced budget constitutional amendment. President Reagan has recommended it. The measure, with Sen. Orrin G. Hatch. R-Utah as main sponsor is getting its first test in the Senate. To become part of the Constitution, an amendment must be passed by two-thirds of each chamber and subsequently ratified by 38 states. If Congress doesn’t initiate the action, it could come from the states. Since 1975, 31 legislatures have passed resolutions calling on Congress. to convene a constitutional convention to write a balanced budget amendment. Only 34 states are needed to force such action. This puts extra pressure on Congress to act on its own. So does red ink spending, with only one balanced budget in 22 years and only eight in the 52 years since 1930 – mighty convincing evidence that something needs to be done. The Herald believes the balanced-budget amendment should be passed.