The recommendations of that commission will be brought to a vote in the Senate and in the House.

I think we do have an extraordinary challenge, and the question for all of us: Are we up to this challenge?

I have just gone through an exercise to get the deficit down to 3 percent of GDP by the fifth year of the budget period and to balance by the end of a 10-year budget window.

Spending has got to be adjusted, and yes, that means Social Security and Medicare have to get on a lower growth trend.

I wish we had been more successful in persuading our colleagues to have a bigger package.

We have got the lowest revenue as a share of the economy in 60 years, the highest spending as a share of GDP in 60 years.

It is going to take bold strokes to deal with this challenge. It is going to take big ideas and it is going to take political courage.

I think all of us know the financial systems and internal controls at DOD need improvement.

If we don't have a plan that all of us basically think has got merit, it will be abandoned.

I personally applaud you for doing that. I think Senator Gregg has been very clear about our concerns about this not being done in the past.

History is going to judge us, whether or not we were up to this challenge and whether or not we were true patriots.

I can't speak for Senator Gregg, but he and I have gone on this effort to have a commission, because we have been convinced you have got to have an overall plan for the longer term.