The Supercommittee failing to agree on 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 getting our fiscal house in order. Time is of the essence and 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our health care system so we get better value for the dollars we're spending, cut defense spending by getting rid of outdated weapons programs, end huge taxpayer subsidies going to large agribusiness, and reform our tax code to get rid of unfair loopholes and special breaks for only the most wealthy and powerful corporations in America.
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.
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