Orrin Hatch: “the total outstanding Federal debt has risen by more than $8.7 trillion during President Obama's tenure, to almost $19.4…”

“the total outstanding Federal debt has risen by more than $8.7 trillion during President Obama's tenure, to almost $19.4 trillion today. That is the highest level of Federal debt in U.S. history and, relative to the size of the economy, is at a level not seen since the years surrounding World War II. Such debt levels pose significant risks to financial stability and the economy, as the nonpartisan Congressional Budget Office has repeatedly made clear for many years now. Unfortunately, President Obama's failure to address the debt leaves those risks in place and leaves a legacy of burden on future generations, who will be saddled with almost twice as much Federal debt today than when the President took office. According to CBO projections, Federal deficits and debt are on an upward trajectory. As we all know, the main drivers of our debt are entitlement programs that are, at this point, essentially on autopilot. As the Nation confronts its astronomical debt, it is imperative that those charged with managing the debt do so with transparency and accountability. I am sure that all of my colleagues agree that, if we are going to saddle future workers with outsized debt, then, at the very least, Congress and the American people are entitled to know how debt management decisions are made. That, of course, requires the cooperation of the U.S. Treasury Department, as well as its fiscal agents at the Federal Reserve.…”