Sen. Warner: U.S. is One Big Fiscal Deal From ‘Economic Preeminence’

Sen. Mark Warner, D-Va., waits to speak with members of the media at the election night event for Democratic Sen.-elect and former Virginia Gov.Tim Kaine on Nov. 6 (Photo by Patrick McDermott/Getty Images)

And now, it’s time for something completely different.

Experts predict dark things would occur if Congress and the White House allow the American economy to plummet over a so-called fiscal cliff.

The term itself is vivid, conjuring up images of the world’s lone superpower falling into another deep recession.

Following his re-election, President Barack Obama has made steering the economy around that cliff a top priority. Senior lawmakers are on the case, as well.

There has been ample hand wringing and dire warnings aplenty — with more to come. Economists are weighing in about what might happen if the cliff dives happens.

But what if Obama and congressional leaders strike a deal?

What would happen if that deal significantly reduces the nation’s debt, while also staving off economic doom that experts say would occur if $1 trillion in cuts to planned defense and domestic spending occurs and tax cuts are allowed to expire?

The United States would be sitting pretty, according to one key lawmaker.

“The U.S. is one budget deal away from economic preeminence,” Sen. Mark Warner, D-Va., said Nov. 9 at a conference in Washington.

Warner was quoting Australian Foreign Minister Bob Carr, who said this in late April: “America is just one budget deal away from ending all talk of America being in decline.”

No pressure.

John T. Bennett

John T. Bennett

Bennett is the Editor of Defense News' CongressWatch channel. He has a Masters degree in Global Security Studies from Johns Hopkins University.
John T. Bennett