Rep. Ted Deutch (FL-21) issued this statement on the failure of Congress to achieve the balanced approach to deficit reduction required to avert sequestration:
"The unprecedented automatic spending cuts known as the sequester were designed to be so perilous to our economy that Republicans would be motivated to collaborate with Democrats on a balanced deficit reduction strategy. Yet the Republicans have decided sequestration is preferable to the balanced approach preferred by Americans because the hidden government spending they hold so dear in our tax code is completely spared by it. Under sequestration, critical government functions like food inspection, air traffic control, and public education are treated as waste while direct subsidies to oil companies, corporate tax loopholes, and other multibillion dollar hidden handouts for special interests remain untouched.
"The Majority may attempt to blame President Obama for the 750,000 jobs jeopardized in 2013 by this cuts-only approach, but it was actually Speaker Boehner who described the sequester law as representing 99 percent of what they wanted. If that is the Republican Party's threshold, no compromise offered by the President or balanced mix of cuts and revenues supported by the American people will be enough to motivate them to participate in this process we call self-government."
According to George Mason University, the contraction of the U.S. economy due to sequestration would likely result in a total of 2.14 million job losses by the end of 2014, with over 956,000 of those jobs in the small business sector. Even as House Democrats remain willing to compromise with Republicans on a bipartisan, balanced sequestration replacement, they have put forward legislation to avert the job losses slated to occur in 2013. The Democratic plan to avert the sequester for 2013 cuts unnecessary subsidies for agriculture, implements the Buffet Rule to ensure millionaires pay the same tax rate as middle class families, and repeals tax loopholes used by the oil industry.