Hanna Stumps on Reducing National Debt
Vestal, NY (WBNG Binghamton) A local Republican Congressman says U.S. legislators could use a last resort option when it comes to dealing with the nation's debt. Richard Hanna stopped by Binghamton University Monday to talk with the college and local business leaders about sequestration. Sequestration refers to a plan put in place by Congress in 2011 to come up with an effective way to reduce the national deficit. That year, the Budget Control Act was passed, which included a condition that the debt ceiling would be temporarily increased so the country wouldn't default on its loans. "It's a shame, it's not good governance. But this is a result of 12 people on a super committee, unable to come to terms with cutting our severe debt and deficit. This is what we have. It's not a good instrument, it's not a smart instrument," Hanna said. Sequestration was put in place as a worst-case-scenario option in case an agreement couldn't be reached in Congress. With the March 1 deadline quickly approaching and no deal done, the possibility of sequestration becoming a reality is increasing, Hanna said. Hanna said he wants to avoid what he says the White House is proposing, including replacing sequestration with a mix of spending cuts and tax increases.