Sen. Mark Warner Worries Congress 'Playing With Fire' If They Don't Raise Debt Limit

Freshman Sen. Mark Warner has spent a lot of time with President Obama lately.

Warner (D-VA), is one of a handful of former governors serving in the chamber and has deep concerns about the nation's fiscal health. That's one reason he signed a letter suggesting he would not vote to raise the debt limit unless the long term problems were addressed.

But in a broad interview with TPMDC, Warner said while he is worried about the swelling deficit, Congress can't avoid raising the debt limit because it would rile the markets if they didn't.

"At this point you are playing with fire in terms of how markets would react to extending the debt limit," Warner said, adding it's not something to approach with a "cavalier" attitude.

But he said he hopes Obama will move forward on deficit reduction, and suggested a bipartisan commission to evaluate reform in the long term. The panel would put everything on the table for adjustment, from entitlements to discretionary spending programs.

"We're not going to get out of it in a year or two," Warner said.

"There are a number of us on the Democratic side, particularly a lot of newer members who say we can't be here and allowing this red ink for as far as they eye can see. We've got to put a halt on it," he said. "We need to finish health care, refocus on jobs and put in place a longer term plan to get our deficit under control."

While Warner is a freshman senator with little pull, he has fiscal responsibility cred from his days leading Virginia and the ear of the president on these issues.

Warner spent his birthday Tuesday with Obama first at an event at Home Depot and then at a caucus meeting at the White House.

Warner said "the bill is getting better" and said he is waiting for the CBO score, expected at some point today. He said doing nothing is not an option and party leaders expect him to vote for the bill with no trouble.

"We're all waiting to see the details of the manager's amendment," Warner said, adding he wants to make sure the package "doesn't dramatically change" the bill. He said the freshmen senators are likely to get their wishes and have a cost containment amendment included.

Warner said he "had concerns all along about the public option" and he thinks the bill should increase competition, potentially by increasing the numbers of private insurers and nonprofits.

"The price of doing nothing would be a financial disaster in this country," Warner said.

He was surprised more Republicans haven't tried to play ball.

"I'm disappointed my Republican colleagues haven't been more willing" to cooperate, Warner said. "This would have been a better bill if we had 70 votes trying to get to 60 votes rather than 61 trying to get to 60."

Warner, who made millions in the cell phone industry, also said he finds it "amazing" to see business groups opposed to energy reform.

"That's like business groups opposing the Internet in the 90s or in the 80s opposing the cell phone," he said. "China is going to eat our lunch if we don't do something on this."