Senator Warner remains optimistic that Congress will reach a budget compromise to avoid sequestration at the end of the year.

At a panel discussion hosted by Bloomberg Government and Deloitte, Senator Warner emphasized the critical importance of continuing to seek a balanced, comprehensive deal to begin addressing our nation's debt and deficits.

"The question is…is this going to be a big enough deal?  And will it be enough of a down payment that it will lead to something else subsequently, that will actually avoid the enormous consequences of $16 trillion in debt?"

Senator Warner, who represents a  lot of government contracting companies in Northern Virginia, said many business leaders have told him the uncertainty about the country's fiscal future has prevented them from making decisions about investment and hiring.

"Maybe the most ridiculous thing that has taken place… is this constant jerking back and forth of a potential government shutdown… Everyone I've talked to said at the end of the day, we will live with whatever budget you give us -- but give us that two to three year runway so we can plan against it."

Other participants on the panel included Sen. Bob Corker (R-TN), Rep. Chris Van Hollen (D-MD), and former Minnesota Gov. Tim Pawlenty, who now heads up the Financial Services Roundtable.