On the recordMarch 9, 2011
So if all these cuts will not improve the economy in the near term and will not help economic growth in the longer term and will not cut the deficit, then exactly what will they do? They will satisfy a very small but vocal segment of the Republican Party. That is all. So it is time for a reset. This morning I called for a reset of this budget debate. I think it is important that after today's votes both sides in the debate take a deep collective breath. We should all take stock of how the discussion up to now has become distorted and seek to reset the terms of the debate. It may not happen tomorrow, but in the coming weeks, as the negotiations led by the White House reconvene, we should approach the talks with fresh eyes and a new mindset. Rather than continuing the fixation on domestic discretionary cuts, which at the same time do huge damage and cut the deficit very little just because of the way they are spent, the next offer and counteroffer should include mandatory cuts and revenue raisers such as oil royalties into the mix. We will only put a dent in the deficit through shared sacrifice. Focusing simply on domestic discretionary and even leaving out the military will not achieve our goal of deficit reduction. Including mandatory cuts and revenue raisers such as oil royalties will. The bottom line is this: The blame for the current breakdown in budget negotiations rests with our failure to think big.
