Judd Gregg: “No, I won't yield. I think I have heard a significant amount from the other side of the aisle that has been irrelevant…”

“No, I won't yield. I think I have heard a significant amount from the other side of the aisle that has been irrelevant, inaccurate, and incorrect. And yielding at this time would limit my time. The third item in this is the ability of the Congress to reduce the deficit as a percentage of gross national product. We know that if we don't get the deficit down, our children are going to get all these debts. So what we put in a place as a mechanism that says essentially the deficit, as a percentage of gross national product, shall be reduced as a percentage of gross national product every year until we get to a balanced budget, essentially a balanced budget by the year 2012, and if we don't hit those deficit targets--and they are fairly reasonable because actually the next 2-year targets we have already hit or we will hit under present projections, so this doesn't even kick in, and it doesn't look like it is going to kick in because it looks like we will get to a balanced budget--should we not continue on that path, then what will happen is there will be a reconciliation instruction because we know that 60 percent of all spending around here goes to mandatory accounts. We will say to the mandatory account committees: Reconcile your accounts so that they can be brought into line with these projections for the deficit to head to zero. What does that mean? That means that there will be policy changes which will allow savings to occur.…”