Kent Conrad actually said...

The cuts that will be imposed on your agencies could be draconian and could come much quicker than anybody anticipates.

The cuts will be much more draconian if there is not a comprehensive long-term deal that involves tax reform and the entitlements.

The Fed's job is to get that down, and that resulted in this monetary policy that is a huge Hail Mary pass.

It would be better if we had had more fiscal space coming out of the last boom.