“The American people are tired of their elected leaders listening to the extreme voices in their party instead of the voices of reason. I am disappointed that Republicans never found the courage to ignore Tea Party extremists and millionaire lobbyists like Grover Norquist, and listen instead to the overwhelming majority of Americans – including the vast majority of Republicans – who want a balanced approach to deficit reduction. For the good of our country, Democrats were prepared to strike a grand bargain that would make painful cuts while asking millionaires to pay their fair share, and we put our willingness on paper. But Republicans never came close to meeting us halfway.

“Instead, Republicans relentlessly sought to end Medicare as we know it by privatizing the program and putting seniors and future generations at the mercy of insurance companies. In addition, Republicans insisted on expanding President Bush’s tax giveaways to millionaires, an approach that would have made our deficit problems bigger, not smaller, while increasing the gap between the top one percent of taxpayers and everyone else. Democrats are open to reforming our tax code, but we will not go along with efforts to provide even more giveaways to millionaires at the expense of the middle class.

“Make no mistake: we will achieve the more than $2 trillion in deficit reduction we agreed to in August. The sequester was designed to be painful, and it is. But that is the commitment to fiscal responsibility that both parties made to the American people. In the absence of a balanced plan that would reduce the deficit by at least as much, I will oppose any efforts to change or roll back the sequester.

“I commend Senators Murray, Baucus and Kerry for their unflagging commitment to this process. They worked until the final hours to try and forge a reasonable compromise, and validated the trust that I placed in each of them to seek a balanced deal while protecting the fundamental guarantees of Social Security, Medicare and Medicaid.

“With millions of Americans out of work, we must stay focused on creating jobs. Economists have estimated that failing to extend the payroll tax cuts for the middle class and provide support to Americans who continue to look for jobs in this tough economy could plunge us back into a recession. Democrats will continue to pursue these kinds of common-sense, bipartisan proposals to put Americans back to work. In the weeks ahead, I hope the fear of the Tea Party and millionaire lobbyists like Grover Norquist will not prevent Republicans from forging common-sense compromises with Democrats to get our economy back on track.”

“We are grateful and humbled that Leader Reid asked us to join this Committee to help tackle this critical issue for the American people. While some will argue there is peril in serving on this committee, we believe there is far greater peril in leaving these issues unaddressed. It is long overdue to step beyond the partisanship and politics that have overwhelmed these discussions for months.  The true danger lies in inaction, so we look forward to working with our colleagues to find solutions for our economy and for our country. We very much want this joint committee to be a serious committee because these are among the most serious challenges we’ve ever faced in the Senate.

“This is an important moment for our country. Millions of Americans are struggling in this tough economy, working overtime to pay the bills, find a job, and find a way forward for their families, and they want this Committee to force the federal government to make similar sacrifices without the red hot partisanship and brinksmanship of the last months.

“Every member of Congress knows the importance of getting our fiscal house in order.  We hear every day about the importance of ensuring our country is strong for generations to come, and we look forward to working with our colleagues on both sides of the aisle and in both chambers to address these issues in a balanced, pragmatic and practical way.  This is not going to be easy. Our challenge is to find common ground without damaging anyone’s principles.  We believe we can get there.  This Committee was designed to require bipartisanship, and we are going to work hard with our Republican colleagues to attain it. We know Americans will stand by us if we work together to tackle our debt and deficit and help get our economy back on track.

“This Committee has to tackle the urgent challenge we face today, but it’s also about what we want our country to look like 10 years from now, 20 years from now, and for generations to come. Americans are demanding leadership, and we are going to work hard to deliver it.”

The JSC was originally conceived by Senator Reid during the negotiations that led to passage of the Budget Control Act of 2011. The Act created the JSC to devise a long-term approach to reducing our nation’s deficit. The bipartisan, bicameral committee will be comprised of 12 members, 6 from each Chamber, equally divided between Democrats and Republicans. The JSC is charged with developing legislation to achieve at least $1.5 trillion in deficit reduction by Thanksgiving. The committee has been given broad leeway to examine all areas for deficit reduction, and its legislation will be given expedited consideration, with a guaranteed up-or-down vote in the Senate before Christmas.

Senator Reid issued the following statement regarding the appointments:

“The Joint Select Committee has been charged with forging the balanced, bipartisan approach to deficit reduction that the American people, the markets and rating agencies like Standard and Poor’s are demanding. To achieve that goal, I have appointed three senators who each posses an expertise in budget matters, a commitment to a balanced approach and a track record of forging bipartisan consensus.

“I have great faith in Senator Murray as the co-chair of the committee. Her years of experience on the Senate Budget and Appropriations committees have given her a depth of knowledge on budget issues, and demonstrated her ability to work across party lines. Senators Baucus and Kerry are two of the Senate’s most respected and experienced legislators. Their legislative accomplishments are matched only by their records of forging strong bonds with their Republican colleagues.

“As the events of the past week have made clear, the world is watching the work of this committee. I am confident that Senators Murray, Baucus and Kerry will bring the thoughtfulness, bipartisanship, and commitment to a balanced approach that will produce the best outcome for the American people.”