On the recordNovember 14, 2012
I think we all know that everybody in America is pretty much talking about the fiscal cliff, and that what will happen at the end of this year will have an enormous impact on the economy of our country and its future. There is no doubt about it. In fact, the nonpartisan Congressional Budget Office projects that the impending tax hikes that will take effect at the end of this year if we don't do something along with the spending cuts called sequestration would plunge us into a recession in the first half of 2013. It would also set off credit downgrades and drive up interest rates on credit cards, mortgages, and personal and government debt. They predict unemployment will rise above 9 percent, and the cuts in spending, half of which will be in the defense sector, certainly is going to leave America vulnerable. If there is anything Congress and the President are responsible for, it is the national security of our country. We can stop this fiscal cliff. We can answer the calls of the American people who have said clearly, loudly, and repeatedly: Get together and make things happen. I am happy to see our distinguished Madam President is sitting in the Chair and agreeing because we know there is common ground. We have seen groups of our Senators, Republicans and Democrats--a Gang of 6, a Gang of 8, the Simpson-Bowles Commission, all of these entities--that were bipartisan in nature and they came up with solutions.…
