At a budget conference hosted by the Peterson Foundation, Senator Warner and three other members of a Senate group working on a comprehensive, bipartisan budget solution said those budget discussions may be the best hope for a bipartisan fiscal accord this year.

Senators Dick Durbin (D-IL), Mike Crapo (R-ID) and Saxby Chambliss (R-GA) agreed. According to Mike Shaw of Market News International:

The Gang of Six is using the findings of the Simpson-Bowles commission as its base document. That commission called for more than $4 trillion in deficit reduction over a decade.

Chambliss said the Simpson-Bowles report is a “very good foundation” from which to build a bipartisan budget agreement.

“We’re going to roll this out whenever we get it right,” he said, adding “there is no timetable we have.”

“I think we’re going to surprise a lot of folks,” Warner said, adding that a bipartisan agreement is needed to avert “the possibility of a debt crisis.”

Warner said a comprehensive deficit reduction plan will require a “mix” of new revenues and spending cuts.

Crapo said the talks within the Gang of Six have been wide-ranging.

“Everything is on the table. Everything has to be on the table,” he said.

Crapo said the group’s willingness to explore all ideas has generated opposition to their work. “The knives are out,” he said.

Durbin said while the group is exploring controversial ideas, lawmakers from both parties have encouraged them to keep working on a plan.

“We’re receiving encouragement from both political parties not to quit,” Durbin said.