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Administration Report is the Latest Wake-Up Call on Need for a Balanced Debt Deal


Location: Washington, DC

Congresswoman Mazie K. Hirono (HI-02) today released the following statement on the release of the Obama Administration's report on how it plans to implement the across-the-board spending cuts, or sequestration, that are scheduled to take place unless Congress acts:

"Today's report is just one of the many warnings to Congress about the need to reach a real agreement to avoid sequestration. On Tuesday, Moody's indicated that if Congress fails to stabilize our finances the U.S. would face another credit downgrade. Hawaii's businesses have been telling me that the best way to help them succeed and create more jobs is to provide certainty on tax and budget issues.

"Sequestration's meat-axe approach to cuts will have a serious impact on our national security and domestic prosperity. Clearly a balanced approach is what is needed. We can do it by finding common ground, targeting spending cuts, and reducing waste and fraud. In addition, the wealthiest two percent should pay their fair share of taxes and we should close loopholes for oil companies and major outsourcers. In these ways we can cut our deficit, support a strong national defense, and build the foundation of a dynamic 21st century economy without hurting our middle class."

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