Rating is available when the video has been rented.
This feature is not available right now. Please try again later.
Published on Dec 14, 2010
"Our fiscal house is in disarray. Our budget process is broken and future generations will end up paying the price if we continue to ignore the difficult decisions required to fix things that this grave threat to this country's fiscal stability.
"Today spending has reached almost 24% of America's GDP while our revenues were at their lowest levels last year in 60 years. Not too long ago the debt ceiling was increased by the 9 trillion. Nearly twice as large as the previous record of $984 billion. Our current statutory limit on the public debt is now set at 24 trillion and is expected to require an increase again sometime this spring.
"Senator Warner and I began talking this summer about this grave issue that's facing America and about the fact that if we don't address it now then it's going to be too late.
"It was incumbent upon us to try to educate ourselves as well as educate other members of this body about the seriousness of this issue and what is the way forward. So we began talking among ourselves. We expanded our group, expanded and expanded and we now have a significant number of senators who are prepared to come forth and say 'we've got to address this and we've got to address it next year.'
"Some of the members of that group are going to be here today to give their thoughts on it. We're going to be joined by several Republicans and Democrats to pledge our commitment to addressing this issue and addressing it in the right way.
"As we move forward next year, this group is going to provide the momentum to carry the ball to make sure that we address the issue of reductions in spending as well as major tax reform to get the fiscal house of the United States back in order."