Today, Congressman Henry Cuellar (TX-28) released the following statement after it was announced that the Joint Select Committee on Deficit Reduction failed to reach an agreement on a deficit reduction plan:

 “I am disappointed in the Joint Select Committee on Deficit Reduction missed opportunity to cut $1.2 trillion in government spending.  Not only does this cause automatic spending cuts across the board without Congressional input, but it also creates a wave of uncertainty in the global markets and economy. 

The committee’s failure to meet the mandate in spending cuts is unacceptable.  After months of negotiations, both sides of the aisle proposed their plans, but two central issues blocked the path to fiscal solvency: how to increase revenues and decrease entitlement spending. Americans and the nation need Congress to tackle the excessive spending in government. As a centrist Member in Congress and fiscal conservative, I know we can work together to find a bipartisan, bicameral solution to the national debt that now hovers at $15 trillion.

After today’s deadline miss, cuts will still be made across the board. While Social Security, Medicaid and other programs for the disadvantaged are protected, military and defense spending will be reduced. Nearly $492 billion will be cut over the next decade from the military budget. There will also be a 2 percent cut in Medicare, not including payments to beneficiaries and a 7.8 percent cut in domestic programs. I am hopeful that in the next 13 months, Congress will take a hard look at the automatic cuts that are set to take place and work to replace them with smarter cuts in government spending that both sides agree on. 

 I strongly believe that lawmakers must take steps towards easing the partisan divide that fuels a dysfunctional government and the growing U.S. debt. With or without a deal – America’s debt challenge remains the same. The nation needs bipartisan, immediate action and real-time solutions to ease global markets and strengthen economic recovery.”