Video: Van Hollen's Remarks on the Debt Deal

Rep. Chris Van Hollen, a Democrat from Kensington, gave the above remarks on the House floor before of Monday's house budget deal.

The Senate approved the deal yesterday, and Obama signed the bill, extending the debt ceiling, slashing federal spending and averting a default on the national debt.

"In this measure, we succeeded in protecting Medicare and Social Security beneficiaries," Van Hollen said. "We succeeded in protecting seniors in nursing homes, individuals with disabilities and poor kids who depend on Medicaid for their health care."

However, Van Hollen echoed many Democrats in the House and Senate who see the compromise as less than ideal.

"We did not succeed in shutting down special interest tax loopholes that add hundreds of billions of dollars to our deficits," he said. "Our Republican colleagues refused to cut those subsidies for big oil companies. They refused to end breaks for corporate jets. Now we're going to have a great debate about how to grow the economy and reduce our long-term deficit."