Senator Mark Warner talks debt reduction and Rep. Ryan plan

On “In the Arena,” Senator Mark Warner (D-VA), part of the Gang of Six, says the best way to get Americans back to work is to put the debt problem on a downward spiral.

Warner says, “I think there’s an immediate sense of urgency. Every day that we fail to act, we add $4 billion to the national debt…. Let’s go ahead and cut spending. Let’s also reform our tax code where we’ll bring rates down but eliminate some of the exemptions so we can actually generate revenues.”

He continues, “[I] give Congressman Ryan enormous credit for putting forward a plan. But not only does it completely change Medicare, but he takes spending on education, infrastructure, energy, research and development, and cuts it by about two-thirds. No 21st century country can compete without an infrastructure network or educated population. And he does that because he leaves revenues and leaves defense off the table. They’ve all got to be part of the mix. There’s got to be some level of shared sacrifice to this.”