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The nation s financial conditions in a really serious way. there were endless antics in washington, but the issue is squarely confronting the country in a healthy way. bret: steve, late today, moody s came out and reaffirmed the government triple-a credit rating but gave at it negative outlook. one of the concern was the joint committee that the bill sets up. here is a quote. while the combination of the congressional committee process and the automatic triggers provides a mechmism to induce fiscal discipline this is actually not the quote. attempts at fiscal rules in the past have not always stood the test of time. basically, the quote is that they are skeptical of the second part of the bill, the joint committee that would be responsible for finding $1.5 trillion in additional cuts. there are great reasons to be skeptical of commissions in ....
Members of congress, but i want to announce that the leaders of both parties in both chambers have reached an agreement that will reduce the deficit and avoid default. the default that would have had a devastating effect on our economy. the first part of this agreement will cut about 1 trillion dollars in spending over the next ten years, cuts that both parties had agreed to early on in this process. the result would be the lowest level of annual domestic spending since dwight eisenhower was president, but at a level that s still allows us to make job creating investors in things like education and research and we also made sure that these cuts wouldn t happen so abruptly that they d be a drag on a fragile economy. now, i ve said from the beginning that the ultimate solution to our deficit problems must be balanced. despite what some republicans have argued, i believe that we have to ask the wealthiest americans and biggest corporations to pay their fair share by giving up tax breaks ....
No. i believe that we could have made the tough choices required on entitlement reform and tax reform right now, rather than through a special congressional committee process. but this compromise does make a serious down payment on the deficit reduction we need, and gives each party a strong incentive to get a balanced plan done before the end of the year. most importantly, it will allow us to avoid default, and end the crisis that washington imposed on the rest of america. it ensures, also, that we will not face this same kind of crisis again in six months or eight months or 12 months. and it will begin to lift the cloud of debt and the cloud of uncertainty that hangs over our economy. now, this process has been messy, it s taken far too long. i ve been concerned about the impact that it has had on business confidence and consumer confidence and the economy as a whole over the ....
Generations. that is why the second part of this agreement is so important. it establishes a bipartisan committee of congress to report back by november with a proposal to further reduce the deficit, which will then be put before the entire congress in and up or down vote. in this stage, everything will be on the table. to hold us all accountable for making these reforms, tough cuts that both parties would find objectionable would automatically go into effect if we don t act. over the next few months, i ll continue to make a detailed case to these lawmakers about why i believe a balanced approach is necessary to finish the job. now, is this deal one i would have preferred? no. i believe that we could have made the tough choices required on entitlement reform and tax reform right now, rather than through a special congressional committee process. ....
About government. if we have a default in the house, confidence in the a government by means we come together for public purposes would be so devastated our ability to come back where it s underappreciated would be damaged. those are the positive sides. okay. tom brokaw. out of all of this on the senate side with mitch mcconnell taking a lead role and harry reid working hard has there been a positive change in the tone going forward? it s not the end of a process, it s only the beginning. if i can offer one recommendation, if you are going to recycle youngman as well, like barney frank did, we would like better material. that was great material. i like it. let me say that the good news, tom, i think, is at the end of the day, with all the ....