U.S. Rep. Ron Kind made the following statement today regarding the announcement by the Supercommittee that they have failed to reach an agreement to reduce the deficit.
"The announcement today that the Supercommittee has failed to reach consensus in developing a long-term deficit reduction proposal is a huge disappointment and another missed opportunity. We know what we have to do - multiple bipartisan commissions have told us that we have to look not just at reforming federal programs with an eye on cost savings, but also increasing our revenue if we want to achieve long-term deficit reduction.
"Despite their failure, Congress cannot fail the American people. We cannot stop work on one of the most important issues facing our nation today -- getting our fiscal house in order. Time is of the essence. We do not know when the bond markets will begin turning on us and the era of cheap money financing our budget deficits will end. We owe it to future generations to clean up this mess and get America on a sound fiscal path.
"That's why I've been working on my own deficit reduction plan. We have to go where the money is. We can reform our health care system so we get better value for the dollars we're spending, changing the way we're paying for it so we're rewarding good quality care as opposed to the volume of care. We can cut defense spending by getting rid of outdated weapons programs. We can reform the farm bill and put an end to huge taxpayer subsidies going to large agribusiness, that don't help family farmers and only distort the market. We also need to look at the tax code -- which is riddled with loopholes and tax credits and special breaks that only the wealthy or only the most powerful corporations in American can take advantage of.
"We must get to work right away to put together a plan to get our fiscal house in order before the markets start turning on us here in America."