I voted for the Deficit Reduction Package with significant heartburn over the student aid provisions.
Cold-turkey deficit reduction would cause a significant recession. A recent analysis by the Congressional Budget Office estimated that going headlong over the cliff would cause our gross domestic product, which has been growing at an annual rate of around 2 percent, to fall at a rate of 2.9 percent in the first half of 2013.
Thanks to former President George W. Bush - remember the compassionate conservative? - I have a good name for the fundamental principle that should guide the Democratic alternative: compassionate deficit reduction.
Honest talk about the deficit is risky. Voters are more enthusiastic about the abstract notion of deficit reduction than about the painful details of accomplishing it.
When Republicans say, 'The first thing you do when you do deficit reduction is reduce rates,' it would be like Democrats saying, 'The first thing you do when you do deficit reduction is provide free Medicare at age 55.' We'd like to do that! But it won't bring the deficit down. That's for sure.
I don't know how anyone can keep a straight face and say they are for deficit reduction while they insist on a permanent tax cut for the wealthiest Americans, completely unpaid for.
I believe that we should allow younger workers to contribute toward a personal account that they own, as long as it is coupled with deficit reduction measures that enhance the long-term condition of Social Security.
Our platform calls for a balanced deficit reduction plan where the wealthy pay their fair share. And when your country is in a costly war, with our soldiers sacrificing abroad and our nation facing a debt crisis at home, being asked to pay your fair share isn't class warfare - it's patriotism.
But the debt limit obviously is something that needs to and will be passed. That is not inconsistent with a process and a belief that we have to get significant deficit reduction.
My point is cutting spending shouldn't be reliant on the debt limit though. It's something we have to do. The good news for America is, leaders in both parties, the president, believe that we have to have significant deficit reduction. So the intent is there. And I think what America is going to demand is that our leaders come together.
