"It's clear that we need to make some fundamental changes in the way that we approach spending in this country. Our government has made promises and incurred obligations far greater than our ability to pay.
"Unfortunately, the President's budget proposal projects an all-time record deficit of $1.6 trillion and puts us on course to triple the national debt by 2020. This rate of spending is simply unsustainable and poses a grave threat to our country's future prosperity.
"While the President's budget does include a proposed freeze on certain non-security discretionary spending, it is important to bear in mind that this proposed freeze would not begin until next year, and will save only $250 billion over 10 years -- less than 6/10ths of one percent of total projected spending of $45.8 trillion over the same period.
"It's not too late to make tough choices and put this country back on track. I have cosponsored a measure to create an independent, non-partisan budget commission to develop a specific plan to correct the government's long-term fiscal imbalances and help drain the nation's mounting sea of debt. I am disappointed that the Senate rejected this proposal, but I am hopeful that the version of the commission proposed by the President will succeed."
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