Chairman Hensarling, Chairwoman Murray, members of the Committee, thank you for inviting us here today to discuss the recommendations of the National Commission on Fiscal Responsibility and Reform, and thank you for your continued hard work to improve our nation’s fiscal situation. We know, a little too well, how difficult your job is.

As Co-Chairmen of the National Commission on Fiscal Responsibility and Reform, we spent more than half of 2010 studying the cold, hard facts concerning our nation’s fiscal situation, which you are undoubtedly over familiar with at this point. When asked why we did it, we originally said that it was for our 15 grandkids. However, the deeper we got into the numbers, the more dire we understood our Country's financial situation to be. And we quickly realized we were not doing this for our kids, much less our grandkids, we were doing it for all of us.

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