"I have frequently said from this podium and to the people I represent in Indiana that if we don't start with addressing the spending problem, it doesn't matter how much we raise in taxes or revenue. If we don't address out-of-control federal spending, we can't get from here to there. We can't put forward a credible package," said Coats in his remarks on the Senate floor.
Below are excerpts from Coats' speech:
"I have been talking to a number of my colleagues, Republicans and Democrats, and there is a majority consensus here for putting together a credible, long-term package to deal with our fiscal situation, which would send a message to the world and our citizens that the Congress is serious about addressing our fiscal situation and putting us on a path to fiscal health."
"We now have the opportunity, a historic opportunity, to right the wrongs and to put in place something that, yes, will have an impact. Yes, it is medicine we will have to take for our excessive spending, but it will bring about the cure. How many of us - thinking about the future for our children and grandchildren, the nation's children and grandchildren - can stand here and say we are doing ok at this level, in our generation, and we're not willing to make any sacrifice whatsoever?"
"When I decided to run again in 2010 after being out of the Senate for more than a decade -- I didn't do it for the title of senator. I didn't put retirement on hold and more time with my family aside because I thought it would be fun to be back here. I did it because I want to be able to leave behind a stronger country for my grandchildren. I did it because I want to restore this country so America's future generations can enjoy a life full of promise and opportunity that our generation has been able to enjoy."
"All of us have experienced that moment back home when a man or woman looks you in the eye and tells you they are putting their trust in you to do the right thing when you get back to Washington. They are putting their trust and faith in us to make sound decisions, that the votes we take on the Senate floor will strengthen our economy so that they can make their mortgage payments, get a job and send their kid to college This is a great challenge and a historic moment. It's an opportunity to transcend politics and rise above the petty, partisan divisions and say let's join together to do what's right for the future of this country."