Two Senators “are close to proposing a ‘tough’ spending cut bill that would reduce federal spending by $4 trillion,” The Hill reports.
Sen. Saxby Chambliss (R-Ga.) and Sen. Mark Warner (D-Va.) plan to introduce a dramatic spending cut bill aimed at reducing federal spending by trillions. Cuts under the bill won’t exclude any area of spending such as defense, Social Security, gasoline, and Medicare according to The Virginian-Pilot.
Sen. Warner and Sen. Chambliss plan to hold an up-or-down vote on the bill. According to Warner the only way to reduce federal spending is through a bill like this which dissatisfies everyone.
"The only way you realistically can get there is if you get… one package where everybody can say, ‘I don’t like a lot of it, but the sum of the good it does is worth the pain it will cost,’ " Sen. Warner said. "At the end of the day, this is not going to be a painless process."
The legislation is “based on the proposal by President Obama’s bipartisan National Commission on Fiscal Responsibility and Reform which released recommendations to cut federal spending by $4 trillion over the next ten years.”