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Staring at a Fiscal Cliff

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Senator Warner was interviewed on Washington's WTOP Radio this morning about the looming fiscal cliff. The fiscal cliff is the simultaneous, end-of-year potential impact of the expiration of the Bush tax cuts, the payroll tax holiday, and the implementation of deep automatic spending cuts required under last summer's debt ceiling deal.

Just last week, the nonpartisan Congressional Budget Office reported that if Congress allows the country to go over the fiscal cliff, we will plunge into a deeper recession that'll cause a further spike in unemployment and delay economic our recovery even longer.

"I don't think we're going to see a compromise before the election. Unfortunately, some of the positions taken by some of the candidates during the campaign makes it even harder to find bipartisan compromise," Senator Warner told WTOP listeners. "My hope is we can go back after the election to the Simpson-Bowles plan or the Gang of Six effort which I was proud to lead…"

"I think there is nothing that would create more job growth, more economic activity, than showing that the American political system can actually work."


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