Dave Camp: “If this so-called PAYGO legislation fails, there is no increase in the debt limit and you cannot separate the two…”

“If this so-called PAYGO legislation fails, there is no increase in the debt limit and you cannot separate the two concepts. If this legislation passes, the debt limit increases by an astounding $1.9 trillion, the largest one-time increase in the debt limit ever. Since the majority came into control of Congress 3 years ago, the debt limit has been increased by over $5.3 trillion, or by nearly 60 percent. Despite this massive heap of debt thrust on the American people, Democrats plan to pile on even more debt next year. According to the President's newest budget proposal, the amount of debt subject to the limit will increase by nearly $1.4 trillion from fiscal year 2010 to fiscal year 2011. A number that large is hard to put into perspective, but let me offer a few points of reference. The President intends to increase the debt in just 1 year by an amount equal to the entire GDP of Canada. This 1-year increase in the debt is larger than the GDP of India, Mexico, Australia, or South Korea. It is larger than the GDP of Ireland, Poland, and Belgium combined. We've heard a lot of talk recently from the President about the need to get America's fiscal house in order. However, according to the President's own budget, Congress will have to raise the debt limit again before 2011 is over.”