Mark Warner on Whether We’ll Have a Budget, Shutdown, Default on Debt

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    A few key points by Mark Warner.

    *He hopes and thinks that there won’t be a government shutdown on Friday (“what kind of message would that send to the world?”)

    *The cuts we’re talking about right now are miniscule (“small ball”) compared to the enormous size of the deficit and debt problem.

    *So far, we’ve only been discussing cuts on 12% of the budget known as “domestic discretionary” – that won’t do it

    *To really tackle the deficit, we need to look at security, mandatory programs/entitlements, tax spending (“tax deductions”), and tax reform

    *It “frightens the heck out of me” that anyone would even think about “light[ing] the fuse” that could create the “next economic meltdown” by defaulting on the debt. That would be “totally irresponsible”

    *”I don’t think a federal balanced budget amendment gets us where we need to be,” and would not tie this directly to the debt limit – could “create financial havoc”

    *We need a 5-10 year plan in place to balance the budget and “chip away” at the debt

    *It’s time to “take a giant leap together” on debt reduction, we’ll see something “very shortly”

    *Doesn’t seem favorably inclined at all towards Rep. Ryan’s “meat ax” plan

    *We won’t get there without President Obama, but “the president will be involved”

    Meanwhile, Sen. John Cornyn (R-TX) speaks like a true Republican, apparently willing to trash the U.S. creditworthiness, and thereby the economy, in order to be ideologically pure. Pathetic.

    • Mike1987

      I trust Warner. Keep a close eye on him. Weiner2012!!!!!

    • Elaine in Roanoke

      The silly idea of a “balanced budget amendment” would be disaster. The federal government creates money. It is impossible when we have the wars going on, etc., to have some sort of phony “balanced budget amendment.” GOPers are simply stupid in using that issue to appeal to uninformed Americans who do not understand macroeconomics.