Delaney Calls For Grand Bargain Deal To Address Budget Crisis

Freshman Maryland Rep. John Delaney comes to Congress with a business background. The Democrat started two companies that trade on the New York Stock Exchange and is one of the wealthiest members of Congress.

While Delaney would have supported the recent compromise bill to extend middle class tax cuts, he worries that Congress didn't pass a broader bill to address the nation's $16 trillion debt. He says lawmakers risk doing economic harm if they don't strike a grand bargain.

"If you actually say 'I'm going to deal with the deficit in a revolving series of two or four month deals,' you're pretty much assuring the economy of growing at a very low rate, and it makes the work you have to do harder," says Delaney.

Delaney has been elected the president of his freshmen class, which sets him up to forge relationships that could be vital to reaching a compromise.