Statement on Deficit Reduction Committee

Statement

U.S. Senator Rob Portman (R-Ohio) today issued the following statement on the work of the Joint Select Committee on Deficit Reduction:

"I am deeply disappointed that the Joint Select Committee could not come to an agreement on the best way to reach $1.2 trillion in deficit reduction over the next ten years. This was the chance to begin to seriously address our record debt and deficits, give the economy a shot in the arm and help regain some confidence in our representative government.

"I believe Republicans worked in good faith to find common ground, including offering new revenue as part of an agreement that included pro-growth tax reform, avoiding the risk of a massive tax increase a year from now, and significant reforms to help sustain our important entitlement programs. While Democrats agreed that reforms need to be made to entitlement programs, they only offered such changes in exchange for over a trillion dollars in tax increases and more stimulus spending.

"It was unfortunate that President Obama was absent during these negotiations. Instead, he made the job even harder by insisting the Select Committee pay for his new spending programs and by issuing a veto threat if the Select Committee didn't follow the guidelines he set out.

"We failed to reach agreement because, despite good intentions on both sides, we simply couldn't bridge fundamental policy differences that reflect a broader disagreement in the Congress and country as a whole over the size and scope of government.

"With a record debt of $15 trillion and a projected debt increase over the next 10 years of between $6 and $10 trillion more, Washington continues to promise more than the nation can afford. While I am deeply frustrated by the outcome and believe both sides will regret this lost opportunity, I will continue to fight for spending reforms and pro-jobs policies to address our fiscal crisis and get the economy moving."

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