Jim Costa: “This rule and the bill will further drive a wedge between the two parties rather than bringing us closer to an…”

“This rule and the bill will further drive a wedge between the two parties rather than bringing us closer to an agreement, which we must have. It's been a week since the bipartisan discussions over the $4 trillion ``grand deal'' broke down, and we've seen little progress toward a solution since then. Missing in today's debate is a bipartisan approach toward our Nation's fiscal health. We must have a bipartisan approach. We can cut through the partisan rhetoric with a balanced package. For me, that means implementing the Simpson-Bowles recommendations to reduce spending by $4 trillion over the next 10 years, lowering tax rates, ensuring solvency of Medicare and Social Security, and stabilizing our debt. The House should also consider a clean balanced budget amendment, H.J. Res. 2, which says the country can't spend more than it takes in. This amendment and the Simpson-Bowles recommendations must be coupled with a debt limit increase to get us through the next 18 months. It's time for cooler heads to prevail. With the clock ticking down, our Nation's first-ever default is at hand. We cannot afford to wait a minute longer. Default is not an option.”