Sen. Saxby Chambliss, R-Ga., and Sen. Mark Warner, D-Va., say any effort to address the country's debt will involve pain for both parties, Politico reports.
Chambliss and Warner, who have been working with a bipartisan group of senators on a comprehensive debt-reduction package, appeared jointly on “Fox News Sunday.” Chambliss said Republicans are open to raising new revenues, while Warner said Democrats will need to accept cuts in entitlement benefits.
“We can increase revenues without increasing taxes,” Chambliss said. “What our proposal does is to reduce the effective and direct tax rates, all the way across the board, and we do that by making a significant reform in the tax code.
“And every time we have made a significant reform in the tax code, whether it was under Reagan in ’86 or Bush in 2001, what we’ve seen is reduction in rates and increase in revenue.
Under the bipartisan plan: “Everybody gets their ox gored a little bit,” Chambliss said.
“You’ve got to put everything out there,” Warner said. “That means Saxby and I are going to take some arrows.”
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