On the recordMay 10, 2012
It is serious, and the Democratic substitute proposal would have prevented those cuts from going across the board in defense, as well as the non-defense part of the budget. Unfortunately, our Republican colleagues don't think it is serious enough to ask oil companies to do without taxpayer subsidies to help cover the cost. They apparently don't think it is serious enough to ask people making $1 million a year to help with our deficit reduction to pay for the military that we have. I yield 2 minutes to the ranking member of the Financial Services Committee, Mr. Frank, to talk about some of the impact of this on taxpayers.
