Hensarling to Co-Chair “Super” Debt Panel

WASHINGTON (AP/Staff) – House Speaker John Boehner has named GOP Rep. Jeb Hensarling of Texas to co-chair a powerful new committee that will try to come up with a bipartisan plan this fall to reduce the federal budget deficit by more than $1 trillion. Hensarling’s district covers much of East Texas. Boehner also named Reps. Dave Camp and Fred Upton, both of Michigan, to the committee. Senate Minority Leader Mitch McConnell has named Sens. Jon Kyl of Arizona, Pat Toomey of Pennsylvania and Rob Portman of Ohio to the committee. On Tuesday, Senate Majority Leader Harry Reid named Sen. Patty Murray, D-Wash., as the other co-chair.

According to KETK, Hensarling issued the following statement after his appointment: “Times are tough, and Texas families have had to make many sacrifices over the last few years. While they didn’t cause this debt crisis, they’ve learned how to make do by tightening their belts and living within their means. It’s time Washington did the same, and I’m honored that Speaker Boehner has entrusted me to work with our colleagues to tackle these challenges and help solve our spending-driven debt crisis.

“With the recent stock market fluctuations and historically high unemployment, confidence in our economy is at a low and the American people are understandably frightened about their economic future. Job creation and growth depends squarely on our confidence in the economy. As long as we keep borrowing 42 cents on the dollar and sending the bill to our children and grandchildren, our debt will grow and confidence will continue to shrink.

“The debt crisis is a legitimate threat to our nation’s future, and the American people cannot afford to wait any longer. Everyone can agree that we must stop spending money we don’t have, and the time to act is now. This commission will not be able to solve the crisis in a matter of months, but we can work together to tackle these challenges in order to bring back jobs, hope, and opportunity for the America people.”