*Deficit Reduction Committee

I am extremely disappointed at the Joint Select Committee’s announcement that they have failed to reach an agreement. There is no alternative, in my view, except to keep working toward the objective of a big, balanced deal. It is my intention to continue working toward that goal, and I urge both the members of the Committee – who have worked hard on this issue – and all members of the House and Senate to join that effort.

Last year, then-Chairman of the Joint Chiefs, Admiral Mike Mullen, said that – and I quote: 'Our national debt is our biggest national security threat.' We must do something to start paying down the debt, and that something is in the hands of the Joint Select Committee on Deficit Reduction.

Yesterday we had a press conference… twenty Republicans and Democrats, equal number. Mike Simpson, myself and others made it very clear that over 100 members of the House of Representatives signed the letter saying to the Super Committee, look, everything needs to be on the table – mandatory expenditures and revenues – and we need to reach a $4 trillion give or take deal to put this country on a sound fiscal path. So we sent a letter to the Committee yesterday urging them to come to an agreement on that kind of package. Erskine Bowles and Senator Simpson testified, Alice Rivlin and Pete Domenici testified on Tuesday to the same objective. I am hopeful given the weight of responsibility that we placed on their shoulders and given the critical nature of achieving the objective of a big deal and doing it within a near term that they will come to agreement. It's obviously been tough. Obviously both sides have sort of hardened positions. But it is absolutely essential in the opinion of a lot of people around this country and a large number of members of the House and Senate that we come to agreement.

We are standing together today, Democrats and Republicans united in our deep concern over the size of our deficits, their contribution to our staggering debt, and their negative effect on our economy. We are here to send a message of urgency and support to the members of the Joint Select Committee.

GOP quote of the day goes to House Armed Services Committee Chairman McKeon:

"We're going to have to stop repeating ideological talking points and address our budget problems comprehensively, through smarter spending and increased revenue.”

Wanted to be sure you saw this Washington Post article on a CRS report that found a quarter of millionaires in the U.S. pay taxes at a lower rate than middle class families.

Big, bold and balanced, I hope that's what the Committee is focused on, what we call the Select Committee on Deficit Reduction or, affectionately, the Super Committee. It is a Super Committee in the sense that it has been given extraordinary powers to come up with a proposal that will then be considered, and 51 members of the Senate can pass it. If a majority of the Senate agrees, it will pass. A majority of the House agrees, it will pass and go to the President.

As the fiscal year comes to an end today, it’s time for a fiscal new year’s resolution to bring down our nation’s deficit in a balanced way and restore fiscal responsibility. Democrats are committed to deficit reduction, and it will require tough choices for both parties as well as shared sacrifice by all Americans.