Dave Camp: “I thank the chairman for yielding. Mr. Speaker, back in 2010, I served on the President's debt commission, otherwise…”

“I thank the chairman for yielding. Mr. Speaker, back in 2010, I served on the President's debt commission, otherwise known as the Simpson-Bowles Commission. During that Commission, we heard nonpartisan, expert testimony that debts as large as ours slow economic growth by about 1 percent. In America, that translates into 1 million fewer jobs. So, to start getting our debt under control and our economy back on track, we passed the Budget Control Act, but we all know that was a blunt and ineffective tool. As a result, Republicans have stepped forward with a smarter plan. Today, I want to highlight the more targeted, sensible reductions in spending the Ways and Means Committee has offered as part of the reconciliation process, each of which has enjoyed bipartisan support. Our first recommendation requires exchange subsidy overpayments in the Democrats' health care law to be repaid in full. This is simple and common sense. If you aren't entitled to the benefit, you don't get to keep it. This policy will reduce the deficit by $43.9 billion over the next 10 years. A Democrat-controlled House and a Democrat-controlled Senate first used a version of this offset in 2010 to pay for a temporary Medicare so-called ``doc fix.'' This Congress also endorsed this policy as part of the 1099 repeal legislation that became law early last year.…”