There is reaction from two Ohio congressmen on the Supercommittee's failure to come up with more than a trillion dollars in budget cuts.
16th District Republican Congressman Jim Renacci says the supercommittee's failure is proof that it's politics as usual in Washington. He says once again the American economy is being imperiled by indecisiveness. He urged his fellow congressmen to remain in Washington over the holidays until they can finalize a budget cutting deal.
Republican Senator Rob Portman, a member of the Supercommittee, expressed deep disappointment , saying the two parties simply couldn't bridge fundamental policy differences. He says President Obama should have been part of the negotiations, and he says Washington continues to promise more than the nation can afford.
Statement From 16th District Congressman Jim Renacci
“The impending failure of the Deficit Committee is another clear example that politics as usual remains the name of the game in Washington. Once again the American economy is being imperiled by indecisiveness and indecision in our nation’s capital. I and many of my colleagues in the House were elected last year because we understood that the free-spending ways of previous Congresses have put us on an unsustainable course. It is quite apparent many in Washington still do not understand that we cannot continue to spend money we do not have and they will fight any effort to rein in our runaway spending.
“Today, I am calling on all Members of Congress to remain in Washington – as I am prepared to do – through the holidays and until a plan to get control of our massive yearly deficits is finalized. It is also past time for President Obama to engage in the discussion. Leaders lead, especially when it matters most. So far, the President has sat on the sidelines during the most important debate our nation has ever had about our fiscal future. The American people can't run and hide from the impending debt crisis, and the president needs to understand he can't either.”
Statement from U.S. Senator Rob Portman
“I am deeply disappointed that the Joint Select Committee could not come to an agreement on the best way to reach $1.2 trillion in deficit reduction over the next ten years. This was the chance to begin to seriously address our record debt and deficits, give the economy a shot in the arm and help regain some confidence in our representative government. “I believe Republicans worked in good faith to find common ground, including offering new revenue as part of an agreement that included pro-growth tax reform, avoiding the risk of a massive tax increase a year from now, and significant reforms to help sustain our important entitlement programs. While Democrats agreed that reforms need to be made to entitlement programs, they only offered such changes in exchange for over a trillion dollars in tax increases and more stimulus spending. “It was unfortunate that President Obama was absent during these negotiations. Instead, he made the job even harder by insisting the Select Committee pay for his new spending programs and by issuing a veto threat if the Select Committee didn’t follow the guidelines he set out.
“We failed to reach agreement because, despite good intentions on both sides, we simply couldn't bridge fundamental policy differences that reflect a broader disagreement in the Congress and country as a whole over the size and scope of government.
“With a record debt of $15 trillion and a projected debt increase over the next 10 years of between $6 and $10 trillion more, Washington continues to promise more than the nation can afford. While I am deeply frustrated by the outcome and believe both sides will regret this lost opportunity, I will continue to fight for spending reforms and pro-jobs policies to address our fiscal crisis and get the economy moving.”