Orrin Hatch: “To be honest, we have never seen anything like the issues facing our country right now. We are at a pivotal point as a…”

“To be honest, we have never seen anything like the issues facing our country right now. We are at a pivotal point as a Nation. The line between private businesses and public government has never been so blurred. Government effectively owns several of our Nation's financial institutions, insurance companies, and auto manufacturers. CEOs have been fired by government bureaucrats, and Washington is now in the business of running our health care system more than ever before. Our fiscal outlook is bleaker than ever. According to the recent 10-year outlook by the Congressional Budget Office, the CBO, the current administration's policies would add $8.5 trillion to our already record national debt. The report also confirmed that we would be facing a record deficit of $1.5 trillion this year, along with a dire prediction of our deficits only getting worse after 2015 and beyond. Let me put this in perspective. Our deficit this year is the largest yearly deficit since 1945. It is 10 percent of our entire economy. Our national debt is on a path to double in the next 5 years and triple in the next 10 years. According to CBO, our national debt will explode to $20.3 trillion by 2020 or 90 percent of our GDP.”