KNOXVILLE, TN – U.S. Senator Bob Corker, R-Tenn., made the following statement today after the Joint Select Committee on Deficit Reduction announced in a written statement it cannot reach agreement by the Wednesday deadline.
“Throughout our history Americans have sent our citizens throughout the world to shed blood in defense of preserving democracy. But Washington’s lack of discipline and unwillingness to make decisions that we all know must be made may cause the world to question the American exceptionalism that has been a beacon for the world for generations. In our republican democracy, our citizens elect us to make tough but necessary decisions, and our refusal to make them will have dire consequences for our country,” said Corker. “On its current course the federal government is projected to spend almost $44 trillion over the next 10 years, and it is nothing short of an embarrassment, an absolute national disgrace and failure of leadership that we cannot agree on even a paltry $1.2 trillion in deficit reduction over that time frame. Getting our country’s finances and debt under control is the struggle of this decade, and those of us who care deeply about this issue must do everything in our power to deal with it or we will endure the fate playing out across Europe.”
Corker believes our country’s battle with spending is the struggle of the decade. In what the Tennessean newspaper described as “Bob Corker’s year-long crusade to reduce the national debt,” he held more than 60 presentations on America’s debt crisis with Tennessee audiences from August 2010-August 2011. In December 2010, Corker proposed the bipartisan CAP Act, S. 245, legislation to set an across-the-board, binding cap on all federal spending. The fiscal straitjacket created by the CAP Act would result in $7.6 trillion less spending over a 10-year period.