Mark Warner talks about role in 'Gang of Six' debt plan

[Muddy]

I really like Mark Warner... This was the guy I was talking about in another thread on here saying in the heart of this recession he turned our state around and left us with a huge surplus...

Sorry about all the hotlinks.. I don't know how to remove them..
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ROANOKE, VA -- Senator Mark Warner (D-VA) says he's received a lot of support from both sides of the aisle in the past 24 hours, since he and the other members of the "Gang of Six" came up with a potential, bi-partisan solution (http://www2.wsls.com/topics/types/industryterm/tags/bi-partisan-solution/) to the national debt crisis.


"Overwhelmingly, Democrats and Republicans alike are saying hey, this isn't perfect, but at least it's a path forward,” said Warner (http://www2.wsls.com/topics/types/person/tags/mark-warner/) in a satellite interview, in which the satellite time was paid for by his office.


Sen. Warner said the six members, made up of three Democrats and three Republicans, had to make tough cuts to programs, like Medicare (http://www2.wsls.com/topics/types/organization/tags/medicare/) and Social Security, to come to a compromise.


I asked him (http://www2.wsls.com/topics/types/person/tags/mark-warner/) to describe what it's been like in this compromise with the Republicans.
“Jarett it's been up and down. There's been times when the press has written us off. I got frustrated repeatedly but I kept think what's the alternative. The alternative is the country's headed for this cliff, and my job is try to come up with something that finds some common ground," Sen. Warner (http://www2.wsls.com/topics/types/person/tags/mark-warner/) said.


Warner (http://www2.wsls.com/topics/types/person/tags/mark-warner/) is known for his business savvy. Virginia (http://www2.wsls.com/topics/types/provinceorstate/tags/virginia/) was in a budget shortfall when he took over as Governor (http://www2.wsls.com/topics/types/position/tags/governor/) in 2002, but had a surplus when his term ended four years later.
I asked him (http://www2.wsls.com/topics/types/person/tags/mark-warner/) how this current fiscal crisis compares with the budget fights when he was running the Commonwealth (http://www2.wsls.com/topics/types/holiday/tags/commonwealth-day/).


“The stakes right now are much, much higher. I remember when we passed our budget reform when I was governor (http://www2.wsls.com/topics/types/position/tags/governor/), I was proud of that and it's only because Democrats and Republicans worked together. I'm trying to bring that same attitude up here, but boy o' boy, it's a lot tougher," Warner (http://www2.wsls.com/topics/types/person/tags/mark-warner/) replied.


Warner (http://www2.wsls.com/topics/types/person/tags/mark-warner/) said Congress (http://www2.wsls.com/topics/types/organization/tags/congress/) may not be able to pass the plan by the August 2nd default deadline, but President (http://www2.wsls.com/topics/types/position/tags/president/) Obama's support of a short-term debt limit increase will give them an extension to get the deal finalized.

[Acid Trip]

Here is the problem with the "Gang of Six":

"All bills for raising Revenue shall originate in the House of Representatives; but the Senate may propose or concur with Amendments as on other Bills." - U.S. Constitution Article 1 Section 7."

The Senate cannot offer up their own spending bill. They can only make amendments to spending bills that originate in the house. While I applaud their tenacity it is technically against the Constitution. The only reason they are doing it is because the Democrats still have a majority in the Senate. Obama wants to sign something thought up in his Democrat controlled Senate, not the Republican controlled House.

[Muddy]

It's not about Obama...

It's about a group of people 1/2 from one side, 1/2 from the other coming together and trying to work shit out..

[Acid Trip]

It's not about Obama...

It's about a group of people 1/2 from one side, 1/2 from the other coming together and trying to work shit out..

I'm happy that it's half R's and half D's working together but that doesn't detract from the point that spending bills must originate in the house!

[Muddy]

I hear you... Im just happy that my man Mark Warner (who I personally voted for, because he's an awesome businessman) is up in DC friggin trying to help out and get shit done... Cause I know this dude can...

[FBD]

how is it not about Obama?

he could have directed his minions to come up with a budget about twenty times over by now. instead they go on a spending spree and then accuse Republicans of being obstructionist when people say "hey, wait a minute!"

freezing spending at new ridiculously high levels is no sort of compromise.


if they can run up spending 25% in two years, then they can cut spending 25% in 2 years.




Via Accounting Today, the Obama/Gang-of-Six or Seven plan would reduce the following tax deductions:

* mortgage deductions
* 401(k) plans
* individual retirement accounts
* charitable deductions
* child tax credits.

Call me crazy, but it sounds to me like liberals want Americans to:

* buy fewer houses
* save less for their old age
* give less to charity
* have fewer children and poorer children.








Interesting, especially the 401K stuff, individual retirement plans and charitable contributions. Seems like they are specifically attacking what may keep people from depending on Social Security and Medicare in our old age.

[PorkChopSandwiches]

http://poponthepop.com/images/gallery/barack-obama-calls-kanye-west-a-jackass.jpg

[Acid Trip]

I hear you... Im just happy that my man Mark Warner (who I personally voted for, because he's an awesome businessman) is up in DC friggin trying to help out and get shit done... Cause I know this dude can...

I actually kind of like Warner. His successes in the private sector (and as a governor) are pretty impressive. Then again he presided over a conservative majority during his tenure as governor. They wrote the bills and he signed them.

[Muddy]

I actually kind of like Warner. His successes in the private sector (and as a governor) are pretty impressive.

I was chatting with Lance earlier and I was saying I don't know how he can get by on the democratic ticket sometimes.. He always seemed to do what needed to be done regardless of party..

[PorkChopSandwiches]

I was chatting with Lance earlier and I was saying I don't know how he can get by on the democratic ticket sometimes.. He always seemed to do what needed to be done regardless of party..

To bad we dont have more politicians like that

[Muddy]

To bad we dont have more politicians like that

I have a staunch republican here at work, and he saw Mark speak at his daughters college graduation ceremony, and he said the guy was just awesome...

[PorkChopSandwiches]

Is it FBD?

[Muddy]

Nah.. Nobody here is nowhere near that bad...

[Deepsepia]

The "Gang of Six" is a practical plan, reasonably close to the Simpson-Bowles plan, which Obama ought to have said "yes" to (it was his commission, and then when they came in with recommendations, he basically ignored them).

I strongly support eliminating the mortgage tax deduction. The fewer deductions, the lower the rates. The mortgage deduction also has the effect of pushing more Americans to buy, rather than to rent . . . eliminating it would have the effect of somewhat depressing home prices, but they're already sitting at a very low level, and with mortgage interest rates so low, the deduction actually isn't of much value today.

[FBD]

you must not deduct :roll:

[Acid Trip]

The "Gang of Six" is a practical plan, reasonably close to the Simpson-Bowles plan, which Obama ought to have said "yes" to (it was his commission, and then when they came in with recommendations, he basically ignored them).

I strongly support eliminating the mortgage tax deduction. The fewer deductions, the lower the rates. The mortgage deduction also has the effect of pushing more Americans to buy, rather than to rent . . . eliminating it would have the effect of somewhat depressing home prices, but they're already sitting at a very low level, and with mortgage interest rates so low, the deduction actually isn't of much value today.

I would miss the mortgage tax deduction but I'm ready to take my lumps just like everyone else. I would also be willing to have SS pushed to 67-69 for my age group. I'm ready to make a lot of sacrifices but only if there is a mechanism to keep DC from spending us into oblivion.

A balanced budget amendment would put a leash on DC and that is something I can get behind.

[Teh One Who Knocks]

I would miss the mortgage tax deduction but I'm ready to take my lumps just like everyone else. I would also be willing to have SS pushed to 67-69 for my age group. I'm ready to make a lot of sacrifices but only if there is a mechanism to keep DC from spending us into oblivion.

A balanced budget amendment would put a leash on DC and that is something I can get behind.

:+1:

I've always known for the last several years that as things stand, all the money I have had deducted and put towards SS will be completely gone before I even get anywhere close to being able to collect. I am all for reforming it and even semi-privatizing it.

And I am with you 100%b on the balanced budget amendment. Most of the states have it and so should the federal government.

[Muddy]

What ever they end up doing I know it gonna cost the middle class most of all.... You and me.

[Deepsepia]

I would miss the mortgage tax deduction but I'm ready to take my lumps just like everyone else.

If you can refinance at today's rates, you actually end up paying relatively little mortgage interest anyway, so the deduction isn't worth all that much. I'm seeing 15 year mortgages under %4 fixed. . . if you own a home, and can qualify, those rates are a gift.

[FBD]

:+1:

I've always known for the last several years that as things stand, all the money I have had deducted and put towards SS will be completely gone before I even get anywhere close to being able to collect. I am all for reforming it and privatizing it.

And I am with you 100% on the balanced budget amendment. Most of the states have it and so should the federal government.

:thumbsup:

[Acid Trip]

If you can refinance at today's rates, you actually end up paying relatively little mortgage interest anyway, so the deduction isn't worth all that much. I'm seeing 15 year mortgages under %4 fixed. . . if you own a home, and can qualify, those rates are a gift.

I already refinanced at 4% not too long ago.

[Deepsepia]

I already refinanced at 4% not too long ago.

Its an unbelievable deal.

You look at housing starts, basically at zero. You look at the deterioration of the crap that's in foreclosure -- has anyone ever fixed the roof on a house they're squatting in? Never has happened, never will happen.

We're going to find sometime, not tomorrow and maybe not for two or three years, that the supply/demand balance looks very different.

[FBD]

It'll mostly depend on if the country is ready to make one more big ass mistake or not! :dance: