“The Supercommittee’s failure is a direct result of President Obama’s negligence and Democrats’ intransigence. Over the last four months, Republicans on the Joint Select Committee on Deficit Reduction worked around the clock to offer multiple proposals that would have broad bipartisan appeal. While Republicans were at the table negotiating in good faith, President Obama continued to prioritize campaigning over governing.
Instead of offering leadership to reduce the debt he created, he made the cold calculation that doing so was not in his best political interest. Even Senate Democrats have tough words for the President. As West Virginia Democratic Senator Joe Manchin said Sunday, ‘He's the leader of this great country. We want him to step forward.’
In addition to spending cuts and entitlement reform, Republicans on the committee also proposed achieving significant revenue increases through pro-growth tax reforms—closing loopholes and lowering rates. But that wasn’t enough for Democrats. When Republicans tried to meet them halfway, Democrats ran further to the left. They demanded higher taxes and even more stimulus spending, even though President Obama and other Democrats have acknowledged that taxes should not be raised in a recession.
While Republicans would have preferred that the process worked as intended, our Congressional leaders will ensure the deficit is reduced by the $1.2 trillion as prescribed. We remain completely dedicated to finding a solution to America’s massive debt problem.
Less than three years ago, President Obama promised to slow the growth of our debt. Instead, he has accelerated it. He and his fellow Democrats have refused to offer serious plans to achieve the dual goals of debt-reduction and economic growth. 2012 will offer voters an opportunity to elect a Republican president who will take that charge seriously.”
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