Statements and Speeches
WASHINGTON – Today, Sen. Tom Carper (D-Del.) participated in the Finance Committee hearing, "Perspectives on Deficit Reduction." For more information or to watch a webcast of the hearing, please click HERE.
A copy of Sen. Carper's remarks, as prepared for delivery, follows:
"Late last year, President Obama's bipartisan National Commission on Fiscal Responsibility and Reform, led by co-chairmen Erskine Bowles and Alan Simpson, produced a comprehensive plan to bring our nation's finances in order. While it didn't receive enough votes for us to take it up in Congress last year, it did receive a majority of votes from the commission members and it received support from both sides of the aisle.
"The commission's plan reduced cumulative deficits by about $4 trillion over 10 years – and it did so with about one-third of the savings coming from new revenue, and about two-thirds coming from spending cuts. While I didn't support each and every aspect of this plan, I thought it was a positive step forward and provided the President and Congress with a good roadmap to address our deficit problem in a serious and comprehensive manner.
"Over the past few months, some of my colleagues have been working together to put together a legislative package modeled on the fiscal commission's recommendations. This is an important effort and I'm hopeful that this will yield legislation that members of both parties can get behind.
"Later today, President Obama will unveil his proposal to curb our massive deficit. Given the financial challenges that we're facing – including a looming vote to raise our nation's debt ceiling-- I think this conversation is coming not a moment too soon. But as they say, 'talk is cheap,' and without specific action to fix our looming deficit problems – such as reducing entitlement spending, reining in health care costs particularly for Medicare and Medicaid, and scouring every nook and cranny of the federal government for savings -- our nation will face serious economic challenges that will make the financial problems we've faced over the last three years seem small.
"Today's hearing should help us move forward in a constructive manner and enable us to translate this talk into action to reduce our massive federal deficit."