"Frankly, I am distressed and disgusted that the Super Committee has turned out to be a flop. We are going to have to act on the deficits sooner or later, and sooner is far preferable.
"If Congress fails to act, automatic and largely indiscriminate cuts will go into effect in 2013. Abdicating responsibility isn't a smart way to budget, but one way or another we have to slash the deficit. If we don't, the financial markets will force adjustments that will be more painful than anything the Super Committee might have done.
"You only have to look at Europe, especially Greece, to see the future nightmare we are sleepwalking into.
"I was proud to join with over 140 of my colleagues in the House and Senate in recent weeks to call for a grand compromise, with everybody giving ground in order to avert disaster. The members of the Super Committee are good and honorable people, but apparently the forces of dysfunction are too great to bring a resolution.
"From where I stand, it seems to me that the Republicans on the committee were willing to engage in the process of offer and counter-offer while the Democrats balked. But I'm sure the Democrats think otherwise. In any event, rather than engaging in finger-pointing, we should think about how to move the country forward."