video transcript

At some point. Washington have to deal would have spending problem. We know what the menu of options. Cuts -- reforms. Though we can put in place a diploma doesn't sound fiscal -- Help. Investors and business people America understand where it is the government's being more responsible about our depth. -- -- and kicked this can down the road for 22 years and I've been here I've had a club. Bond act. The notion that the allowance question take effect. Would somehow. Have limited effect or would be reversible. That that notion was disputed heavily in the meeting first some of these major companies that. Impacts of these long lasting as they had me they would have to make decisions about. Programmatic changes they would make in their four contractual changes the company like Northrop Grumman I believe would have. For example something like 20000 small businesses in the pipeline. That would be -- severely affected by. Implementation of the sequester. I have visited with our top leaders. And they have told me we have we've gone past cutting fat. We've gone past. Cutting the -- worked into the phone and it is now. That where they're going to have to cut will reduce the ability to train and equip these people properly. And that's gonna start costing lives. He has the Republican Party agreed to. We got in this mess together and we're gonna have to get out together. And so we introduce this bill that is similar to the one that we -- last year that chairman -- introduced on the house. That addresses sequestration. -- defense and on defense. Through the end of the fiscal year in September. Without raising taxes. Essentially taking the president's own fiscal commission proposal. From the same symbols on workforce attrition to come up with savings. -- sequester goes into effect will then have to absorb those cuts in that latter part of the year. We'll have to absorb 46 billion dollars and sequester reductions. And we'll have will be facing a 35 billion shortfall and operating funds. For active forces. Make no mistake. If these cuts happen. There will be a serious disruption. In defense programs and a sharp decline in our military readiness.