“If we can’t get any type of reforms in health care, which has helped drive the nation towards insolvency, then no, there’s no reason to frankly put any static revenues on the table,” Hensarling said. “If you can’t dent the health care problem, if you can’t dent Obamacare, if you are looking at these tax hikes, I would say ... pull the trigger for the across-the-board spending cuts sequestered.”
If the super committee fails to reach a $1.2 trillion agreement by Nov. 23, then spending cuts to both defense and non-defense spending would take effect in 2013. Republicans, especially, have talked about reversing part of the “trigger” in case the panel does not reach a deal.
Sens. John McCain (R-Ariz.) and Lindsey Graham (R-S.C.) have already said they are working on legislation that would repeal the proposed defense cuts. Although Hensarling did not explicitly say that he would support rolling back the cuts and putting $1.2 trillion back toward the deficit, he did indicate that Congress could use the time before the cuts would be enacted to replace them.
“I would be committed to keeping the $1.2 [trillion],” Hensarling said. “We’ve got 13 months to find a smarter way to do it.”