Warner: National Debt Greatest Threat to U.S.

Senator Mark Warner’s (D-VA) main message when he visited Herndon on Monday was the national debt has to be dealt with immediately, and it has to be a bipartisan effort.

Warner attended a joint event by the Loudoun, Greater Reston and Dulles Regional chambers of commerce organizations. He said he has been working on financial reform and regulatory reform. He said he wants to help ensure no one company is “too big to fail” again.

Though the death of Osama bin Laden was a source of pride for the United States, Warner said the challenge of our time is not terrorism, but the country’s debt. He said if the country fails to act it will see unsustainable deficits “as far as the eye can see.”

He said people often say the country will leave its grandchildren with massive debt, but in reality, that debt will catch up with the current generations if it isn’t dealt with.

Warner and Congressman Saxby Chambliss (R-GA) have created a small bipartisan group working to tackle the national debt. One of the main goals is to knock down the national debt by $4 trillion in the next 10 years.

The group refers to itself as the Gang of Six, with its additional members. Others working with the Gang of Six include Tom Coburn (R-OK), Mike Crapo (R-ID), Kent Conrad (D-ND) and Dick Durban (D-IL).

Many cuts being made in the budget now are from domestic discretionary spending, or things such as education, infrastructure, research and programs that help local and state governments, Warner said. He said that portion of the budget only makes up 12 percent of the U.S.’ total budget, and investment in things such as education and infrastructure is essential.

Instead the entire budget needs to be considered—from revenues to defense to social security, Warner said. He said social security can continue, but the age of retirement will likely have to be raised. He said when it was set, the average life expectancy was much lower and it needs to change now that people are living longer.

Warner said the government cannot go after just those at the top or just those at the bottom of the tax brackets.

“Everyone has to have some skin in the game,” he said. He said the effort will need significant reform of the country’s tax code, and it will take bipartisan efforts to effectively tackle the nation’s debt.

Some of the efforts that need to be made are finding better value in federal government systems, such as education. He said the country needs to radically rethink higher education, which is becoming increasingly out of reach to middle class students. He said having multiple programs for things like food safety becomes redundant and the structure of those should be reconsidered.

Warner said he gives credit to Congressman Paul Ryan for putting out a serious plan, but doesn’t think his plan would work because it isn’t possible to wall off entire portions of the budget—revenues and defense—and not consider them. He said he also thinks the plan he is working on with Chambliss may not always be well received.

Additionally, Warner said President Barack Obama’s healthcare plan is also flawed. He said it is too light on cost containment and there needs to be measure for tort reform. If a healthy 28-year-old, making $150,000 a year does not have health insurance, hospitals should be able to turn them away when they show up, he said.

Warner said he hopes the media can allow the plan he is working on a chance to get out of the gate without shooting it down. He said it will take time to make their case and let others see what they are working to do.

“Is it going to be hard? Absolutely,” Warner said. “The numbers are overwhelming.” He said if Congress is given the opportunity to punt the ball it will, and that cannot happen in this case. He said the national debt is something that needs cooperation from everyone, where they will have to take off their party hats and be willing to give things up.