Hensarling: Deficit should be solved with spending cuts, not revenue hikes

Hensarling made these comments in the context of supporting a balanced budget amendment to the Constitution, which will come up for a vote Friday.

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"The crisis should be solved on the spending side of the equation," he said. "I wish we were debating a spending limit amendment to the Constitution. We're not. We had no takers. I know of no takers on the other side of the aisle."

But while he argued against Democratic proposals to raise taxes to reduce the deficit, Hensarling said the balanced budget amendment should not be opposed by Democrats, as it gives them an equal chance to ensure balance through tax increases.

"Republicans and Democrats can't seem to agree on spending," he said. "We can't seem to agree on taxes. But as Americans, can't we at least agree it's past time… to stop mortgaging our children's future and bankrupting the greatest nation in the history of the world?"

As Hensarling concluded, Rep. John Conyers (D-Mich.) said to Hensarling, "I hope that those words will help us in the supercommittee that the gentleman from Mississippi is working on night and day." Hensarling corrected Conyers quickly, "Texas, not Mississippi."