“Although this plan is a step in the right direction, I believe it falls significantly short of what is needed to address the severity of this financial crisis. For months, I have been saying that a credible plan must include at least $4 trillion in spending reductions over a decade and a commitment to restructure entitlement programs and the tax code.

“Unfortunately, the bill cuts as little as $2.1trillion over 10 years and fails to ensure action on reforming entitlement programs and the tax code. The legislation also puts national security at risk with potentially sizable budget cuts. I also believe this puts too much confidence in a special congressional committee to finish the work that Congress and the White House were unable to do. I hope this committee returns with more substantial cuts and real reforms, but frankly, I remain skeptical.

“Though I cannot support this bill, my sleeves are rolled up and I will continue to work to rein in government spending, reform the tax code to create jobs, and restructure entitlement programs to preserve these benefits for Americans.

“The chorus of Americans calling for fiscal restraint in Washington forced an unwilling president and reluctant congressional Democrats to at least acknowledge the government’s excessive spending and borrowing problem. This is important progress, but now it’s time for Congress to deliver real results.”