Both parties created deficit. Now they must fix it

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The fiscal crisis that looms on the horizon must be addressed immediately. Unless action is taken before the New Year, Americans will bear the brunt of tax increases and automatic spending cuts that could plunge America back into recession. The non-partisan Congressional Budget Office estimates that 3.4 million jobs would be lost and the unemployment rate would spike above nine percent if we don’t act.
Failure is not an option.
 
I’m optimistic and confident that both parties will come to the table and produce a bold deficit reduction package that gets our economy back on track. It may not occur overnight, but it will happen. 


We start by focusing on areas of agreement.
 
That means creating a simpler, fairer, pro-growth tax code that helps get Americans back to work. The U.S. tax code consumes more than 71,000 pages and gets longer every year. Both parties and the president need to work together on a new tax code that creates jobs, revitalizes our economy and helps America resume its rightful role as the leader of the global economy.
 
This includes ending special-interest loopholes, such as the billions of dollars in tax breaks given to oil companies every year. The last thing we should be doing is wasting taxpayer dollars on an industry that doesn’t need our help. That’s why I voted to eliminate $18 billion in wasteful and unnecessary tax subsidies for Big Oil.
 
And when it comes to lowering the deficit, we must end Washington’s reckless pattern of borrowing and spending that has put our country on a road to bankruptcy. Unbelievably, in the last 50 years, the federal budget has only been balanced five times. It’s essential that Republicans and Democrats roll up their sleeves and make the tough choices necessary to balance the budget for taxpayers today and for future generations.
 
Both parties have contributed to our nation’s financial woes so it will take both parties working together to get us back on the path to prosperity.
 
We do this by pulling together, not by pulling apart.   
 
Buchanan is the newly elected co-chair of the bipartisan Florida delegation.