On the recordDecember 2, 2011
I thank the gentleman for that. I was profoundly disappointed that the so-called supercommittee, or the special committee on deficit reduction, either was unable to reach an agreement on at least a $4 trillion agreement to reduce our deficit or, as I had urged individually, to extend its life for a period of time, 60 to 90 days, which would have allowed us further opportunity to reach such a deal. I think that it is absolutely essential for our country. I think it would be an extraordinary plus for our economy if we were to reach such an agreement. I think it would raise the confidence of the American people and raise the confidence of the international community and, not inconsequentially, that of the rating agencies as well. We didn't reach an agreement. We didn't extend the life of that commission. I would like to see us set up another process which would give us accelerated consideration of such an agreement. Having said that, we built into the Budget Control Act a disciplinary consequence of that failure, which was the sequester--a $1.2 trillion across-the-board cut, divided equally between defense and non-defense discretionary spending. The Speaker had said that we are morally bound to accept the defense cuts if the supercommittee failed. I wonder if you support the Speaker in that commitment.
