By Geneva Sands - 09/08/11 07:49 PM EDT
Hensarling said he hopes the committee will be able to also reform taxes, prioritize spending and make all government programs more efficient.
He urged committee members to agree to stop spending borrowed money.
"I do not believe this committee alone will solve our nation's debt crisis, but a bipartisan negotiated reduction in the growth of our nation's debt would be a wonderful, needed, hopeful step in the right direction," said Hensarling.
For more on the supercommittee's first meeting, click here.