that would devastate the economy. And even talking about the United States for the first time in its history not meeting its obligations is a reckless approach to economic policy and jobs.

In an era of divided government, we need to be able to make the difficult compromises necessary to get the job done.

Unfortunately, our Republican colleagues continue to oppose that balanced approach.

We all agree that we have a budget challenge, and a deficit and debt challenge--especially over the long term.

the Speaker's latest version of the mother of all sequesters, his threat that the United States would not meet its financial obligations.

98 percent of our Republican colleagues in the House have signed a pledge that says they will not close a single corporate tax loophole for the purpose of deficit reduction.

Unfortunately our Republican colleagues continue to oppose the balanced approach.

I do hope that the Senate will take up the bill we passed over here in a bipartisan basis with respect to expedited rescission and legislative line item veto.

There is also a revenue component. Apparently our Republican colleagues do not recognize that component, at least not as part of the solution.

I just want to put in the record the so-called taxpayer pledge from Grover Norquist...

I am just saying that, as I understand, you agree that it was an effective enhancement to the budget process in the past.

I would just say... it would be useful, I think, to ask every individual who is on this bipartisan group whether they agree with the three specific bills.

Just to go back to the overall point that the chairman raised where there is consensus is that we need to reduce our deficits, especially as they are projected to rise over the long term.

Putting process bills forward in the absence of an agreement on the underlying policy issues is putting the cart before the horse.

Stopping us from making it worse is a good thing. I mean, it doesn't solve the problem, but it is a good thing.

Mr. Chairman, if I might, since the gentleman referred to a comment I had made. I would like to put in a record a transcript of a YouTube posting by Mr. Holtz-Eakin on what would happen in the event that we had a--we hit the debt limit…

the math.

But it is a totally accurate statement, you just confirmed it.