Whip Hoyer Discusses Compromise to Pay America's Bills, Reduce the Deficit on CBS Early Show

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Transcript: 

"First of all, debt default is not an option. We all understand that and the sad news is we are so late getting to that agreement. The other sad news is we’ve missed a wonderful opportunity to make what John Boehner said he wanted and Nancy Pelosi and Harry Reid the big deal, the President said he wanted consistent with the Bowles-Simpson or Domenicirecommendations, all of the bipartisan proposal have said we ought to reach a big deal balanced between spending cuts and revenues. We haven't done that so yes there are things to be unhappy about. On the other hand, it avoids default and that's critical for the American people and that's not something the President gets, it's something America gets. It also protects Social Security; it minimizes risk to Medicare, which were important to us. It does not include revenues, the six and six that are appointed. Frankly, it will really require those six to have balanced judgments. If they go into it with just ‘my way or no way’ then we will not get agreement and have the sequester provided."

"I share American people's view that the ‘my way or no way’ approach to the negotiations is not what Washington needs and not what the American people want. On the other hand, again, I stress this is an approach that does seem to provide a way forward to avoid default. I think that's critical for our economy and critical for the American people."

"I don't have much confidence in the way things are done. What we have frankly a minority that has controlled this process, minority in the United States Senate, who would not agree to compromises that were not to their liking. That was not true, Harry Reid offered a plan which was consistent with Speaker Boehner’s one-for-one, and by the way the debt limit that's being increased is to pay the bills that were incurred over the last decades by Republicans and yes, by Democrats."

"We're going to be meeting with our caucus today and we want to talk to them, find out what they believe. Again, all of them to a person believe that default is not an option, which is why this is such a tough decision. But we've missed an opportunity. This is not a balanced approach, revenues need to be on the table and we haven't done that."