Third, we have to acknowledge that there is more to be done to bring spending in line with revenues and to raise the revenue to meet our obligations. The answer lies neither in all spending cuts nor all revenue increases. Most of us know that. There are tax expenditures that should be eliminated. There are investments in the public and private sector that must be made to ensure our economy grows. This includes spending on basic science and technology, education and innovation, and infrastructure and domestic energy.
We have to commit to tackle broader tax changes that result in new revenue if we are to meet the deficit reduction targets and see economic growth now and in the future. We should do this early in the new year to provide certainty for families and predictability for businesses and to build consumer and investor confidence.
The current fiscal path requires solutions. We should take the immediate action outlined above and set ourselves on a path to a comprehensive tax overhaul, deficit reduction and economic growth. This can be done only with bipartisan cooperation.
We must respond to the expectations the American people expressed in this election, give the economy the boost it needs and offer all Americans cause to be hopeful about the future.
Vice President Joe Biden waits to conduct a mock swearing-in ceremony with Sen. Brian Schatz, D-Hawaii, in the Capitol's Old Senate Chamber, December 2, 2014. Schatz was sworn in to serve the remainder of his term since he was appointed to the seat after Sen. Daniel Inouye, D-Hawaii, passed away.