John Spratt: “It is a reaction to this curve right here, a recognition that the chickens are coming home to roost. All of the bad…”

“It is a reaction to this curve right here, a recognition that the chickens are coming home to roost. All of the bad budget decisions and fiscal policy risks that have been taken are not breaking favorably, are beginning to accumulate, and we have increasing deficits that require dramatic action. The problem is, and there is recognition of the problem finally, and that is good. There is reaction to it, and that is good, but the resolution that is before us, the reaction that is being taken, the substance of it, does not really address the problem. And, if anything, it worsens the problem because it adds to the deficit rather than diminishing the deficit. That is why we are out here trying to explain this somewhat complicated fact in the face of what is posing to be, taken as a pretext to be, a fiscal responsibility initiative. {time} 2115”