Orrin Hatch: “I wish to express my disapproval of the President's request of a debt limit increase of $1.2 trillion, which would place…”

“I wish to express my disapproval of the President's request of a debt limit increase of $1.2 trillion, which would place the total limit just below $16.4 trillion. The requested increase amounts to nearly $4,000 of additional debt for every American man, woman, and child; and the total debt limit being requested works out to over $50,000 per person. This would be a terrible burden to impose on our children. For many in Washington, including this President, this debt limit increase is just a matter-of-fact necessity. Watching the mainstream media, many Americans might be surprised to even know that it was set to happen. But this is no small matter. This is not an inconsequential increase in the limit on Federal spending. Federal spending is already out of control, and we all know it. Our total debt is already greater than the size of our entire economy. I will repeat that: Our total debt is greater than the size of our entire economy. The debt ceiling increase being requested amounts to nearly 8 percent of our entire gross domestic product, or GDP, and the total debt limit being requested amounts to over 108 percent of GDP. That would place us in worse shape than many of the eurozone countries currently confronting their devastating fiscal crisis.…”