U.S. Senator Mark Warner and Georgia U.S. Senator Saxby Chambliss introduced a far-reaching plan for reducing the national debt Monday.
The proposal, which represents an effort to confront the nation’s ballooning $14 trillion debt and $1.5 trillion deficit, has been in the works for months, mainly behind closed doors.
“If we put this off, we are approaching financial Armageddon,” Mr. Warner said Monday morning. “We don’t need another study, we need to start.”
The broad plan, still being fine-tuned, is based on the work of the presidential debt commission, which in December proposed sweeping changes that would achieve $4 trillion in deficit reduction over 10 years.
“It’s going to take every single American to sacrifice some,” Chambliss said. “By golly, if we don’t do it now in this window that we’ve got … then those people that buy our bonds, i.e. the Chinese, are going to dictate to us exactly how we do it.”
