The idea for the clock came from New York real estate developer Seymour Durst, who wanted to highlight the rising national debt. In 1989, he sponsored the installation of the first clock, which was erected on 42nd Street close to Times Square. At the time, the national debt remained under $3 trillion but was rising. Source Link :- http://letmeget.com/blog/times-square-debt-clock-national-debt-clock