Opposition Senate Leader Michael Dunkley cautioned Government about the dangers of running up too much debt and warned: "Good times don't always last."

During the Budget Debate on Interest on Debt and the Sinking Fund, Senators discussed how the public debt ceiling had recently been raised from $375 million to $550 million.

The Budget allocation for interest on debt was increased by 31 percent from $16.8 million to $21.5 million for 2008-09.

Speaking on Monday, Sen. Dunkley said he understood and supported the reasons for debt, but reminded the Upper House that former Finance Minister Eugene Cox once claimed: "In the real world, someone has to pay."

Sen. Dunkley said a plan needed to be in place to stop the debt getting too large in years to come.

"I think it's appropriate that the Government comes to this honourable chamber and shows a plan as to how we can move forward," he said.

"We need to be able to offer some security to future generations rather than burden them with debt because we are getting to levels that are scary."

Progressive Labour Party Senator Walton Brown accused Mr. Dunkley of being unduly alarming, and said debt had gone up because of a commitment to improving the lives of Bermudians through capital investments.

Independent Senator Walwyn Hughes fell somewhere between the two, saying: "It's not seen to be terribly alarmed of — it's something to be aware of."

United Bermuda Party Senator Charles Swan said unexpected events like hurricanes could put extra strain on Bermuda's finances.

PLP Senator Kim Wilson, who read the Ministerial Brief on the topic, concluded by saying that debt was at a very manageable level and she did not need a crystal ball to say that prudent investment from the PLP would continue.