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The plan has a ratio of about $3 in cuts for every $1 in revenue, he said in a conference call hosted by the nonpartisan group No Labels on Thursday evening. The plan includes reforming the tax code and reducing rates, as well as about $500 billion in cuts from health care entitlement programs, a reference to Medicare and Medicaid.
Warner said the longer lawmakers wait, the more difficult it will be to reduce the deficit, which he said is on an unsustainable path.
“How does this get any easier a year or two years from now?” he asked. “Let’s go ahead and bite this bullet.”