Orrin Hatch: “right now the Federal deficit stands at roughly $16.4 trillion. I don't know how anyone can hear that number and not be…”

“right now the Federal deficit stands at roughly $16.4 trillion. I don't know how anyone can hear that number and not be appalled, nor do I believe there will be, over 10 years, $2.5 trillion in deficit reduction. In fact, I don't see any deficit reduction except, perhaps, bringing our soldiers back, but that is not particularly deficit reduction since it looks as though we are going to have difficulty maintaining the military with the strength it has had in the past. Think about it, $16.4 trillion. It is incredible. The Federal Government is currently operating with just $25 million of so-called headroom underneath a statutory debt limit which, to be more precise, is $16.394 trillion. We are told that we reached the debt ceiling at the beginning of the year, and in order for the government to pay for obligations without further borrowing, Treasury has been using so- called ``extraordinary measures,'' such as changing the finances of certain Federal savings plans. Sadly, the use of such measures has become the norm under this administration and under this Senate majority, where budget and debt decisions are continually made through last-minute, closed-door deals. I don't think the American people can stomach another cliff scenario. I don't think they want to turn on the news and see another clock counting down to the latest in a string of perfectly avoidable crises. There is a better way to legislate. I am not talking about some novel or unheard of approach.…”