Press Releases

A coalition of 45 Senators and 100 members of the U.S. House of Representatives gathered today to urge the debt supercommittee to “go big” in addressing America’s $14.5 trillion national debt. Senator Warner, a cofounder of the original “Gang of Six” deficit reduction effort, helped to organize the bipartisan, bicameral group. The supercommittee has less than one week remaining before its deadline, after which automatic cuts will be enacted.

“This debt and deficit debate has become like a proxy for whether our democratic institutions are up to the job in the 21st century,” said Senator Warner at the event.

Today’s coalition builds on September’s gathering of more than a third of the Senate to push for comprehensive deficit reduction. Following that event, more than 45 Senators - 23 Republicans, 21 Democrats and one Independent - agreed to the following statement of principles:

“As a bipartisan group of Senators, we will encourage and support the Super Committee in fulfilling its mission. We are here to support a deficit reduction package consistent with the following principles that should:

  • Include enough deficit reduction to stabilize the debt as a share of the economy, and put the debt on a downward path, and provide fiscal certainty. We believe a reasonable target is at least $4 trillion, including previously enacted deficit measures. This will send the right message to the financial markets.
  • Use the established, bipartisan debt and deficit reduction frameworks as a starting point for discussions.
  • Focus on the major parts of the budget and include long-term entitlement reforms and pro-growth tax reform.
  • Be structured to grow the economy in the short, medium and long-term.
  • Work to include the American public and the business community in a broader discussion about the breadth of the issues, challenges and opportunities facing us.”