"Gang Of Five" Members Say They're Still Working On Debt Plan

Members of the Senate “Gang of Five” — formerly “Gang of Six” — unveiled some of their solutions to combat the nation’s debt problem during an appearance at the Economic Club of Washington on Wednesday.

Sens. Mark Warner (D-Va.) and Saxby Chambliss (R-Ga.) talked spending cuts, taxes, and the need for a bipartisan effort to bring the country’s deficit crisis to a halt. 

Though the group of six Senators has stalled of late in its quest, the duo described their plan as being heavily focused on tax reform and cutting defense and entitlement spending — areas that go beyond what Congress has been able to target so far.

“Where we have had all of our debate so far is on the fourteen percent of the budget including infrastructure and energy,” said Warner. “That sector can’t observe all of the cost.”

Bipartisan compromise, they argued, is also necessary to solving the debt crisis. “If you have a one party only solution, Democrat or Republican, it’s not going to get there,” Warner added. “I still think the best hope and best chance is a bipartisan effort that starts in the Senate.”

With the parties divided on how to go about reducing the deficit, the plan crafted by the bipartisan group in the Senate represents Congress’ only proposal that includes a mixed solution. Chambliss, however, underscored the group’s work.

“The six of us, if we are successful, are not going to be able to solve this,” he said. “It is going to take everybody getting on board and promoting a program that we hope we can put out  there that will move us down the road providing the certainty and ultimately get down the road of retiring the debt.”

The Washington Post has more…