The recession was tied primarily to the financial crisis, which drove the economy into a deep recession.

I do not believe that there is a dangerous bubble in U.S. financial markets.

We have never had a failure to raise the debt limit. We have had a number of Government shutdowns and they have created problems, but they have not been as destructive as a debt limit failure would be.

If it became clear that these problems were not going to be adequately addressed because we were just in a perpetual gridlock, I think that would raise significant concerns and would risk bringing these problems forward into the present.

Yes, except in the worst economic conditions.

the sooner that a long-term plan is put in place to make significant and credible reductions in the path of the deficit, the better it will be.

It is something, Senator, that we pay a great deal of attention to.

It would be a good thing if that came back.

I hope there will be an open mind and that there will be discussion of all options, including reforms of the tax code, including restructuring of spending and the like, yes.

I think it is extremely important that you address this issue.

Obviously, as Senator Shelby has pointed out, it is important for us to get back to a more normal size of our balance sheet.

It is a substantial improvement.

It would be an extremely dangerous and very likely recovery-ending event.

the need to think about the budget issue not as a current year issue

I have an amendment at the desk, Mr. Chairman. The Acting CHAIR. The Clerk will designate the amendment. The text of the amendment is as follows: At the end of the bill (before the short title), insert the following: Sec. __. (a) None of…

I want to briefly begin by thanking the Appropriations Committee. I understand the nature of what has been happening here, the size of the taxpayer savings that we have seen over the last 3 days. But I rise because the debt and the deficit…

Mr. Chairman, I demand a recorded vote. The Acting CHAIR. Pursuant to clause 6 of rule XVIII, further proceedings on the amendment offered by the gentleman from South Carolina will be postponed. Announcement by the Acting Chair The Acting…

With all due respect to the ranking member, I was not clear. This amendment does not take defense, homeland security, or VA back to 2006 levels. Only non-defense, non-security discretionary spending.