STAUNTON, Va. -- Virginia U.S. Sen. Mark Warner offered Mary Baldwin College students an update on federal deficit reduction efforts and encouragement about their futures during a Friday visit.

 Warner met with students after Mary Baldwin President Pamela Fox briefed him on the latest developments at the college.

 A budget deficit reduction plan being considered would involve entitlement reform, cuts in spending and raising revenue, according to Warner.

During an interview after his talk, Warner said the changes could entail federal tax code reforms. He was blunt in telling students what could happen if deficit reduction is not accomplished now.

  “If we don’t fix it, guess who is going to fix it?” he asked, pointing to the students.

The magic deficit reduction number being discussed with the bipartisan Gang of Eight Warner is a member of is $4 trillion.

He said the deficit reduction plan being considered would address the issue of sequestration. If sequestration happened, estimates are it could cost Virginia about 200,00 defense-related jobs.

 But Warner was not coy is saying that the federal debt is more than just a drag on the U.S. economy.

“Admiral Mullen has said that the biggest threat to our military is our debt,” he said referring to Admiral Mike Mullen, the retired chairman of the Joint Chiefs of Staff.

  While not pointing fingers at the administration of former President George W. Bush, Warner said the Bush era tax cuts amounted to $4.5 trillion over a 10-year period.

He said defense spending was doubled, the Iraq and Afghanistan wars were put on a credit card and he also spoke of the expense of the Medicare Part D prescription plan for seniors.

Many of the students in attendance Friday are preparing to vote in next month’s presidential election for the first time. Warner urged the students to stay politically active and informed.

The senator said neither the Republican Party nor the Democratic Party “has a monopoly on truth or patriotism."

He said it is important for the students to listen to diverse views.

When asked about jobs prospects for graduates, Warner told the students: “don’t be afraid to fail."

Warner failed at the first two business ventures he ever attempted before becoming rich as one of the founders of Nextel, the telecommunications company.

   He told the students they should start a business now.

 "If you have a desire to start a business, do it when you are young,” Warner said.

Having a business partner is important. Warner said Bill Gates, Mark Zuckerberg and other billionaires all partnered with someone.

 As for job prospects, Warner said healthcare, education and the energy sector offer the best bets.

Education is the key to America’s economic future.

He said America’s "investment in intellectual capital” along with a free enterprise system and the rule of law all figure prominently in the country’s future economic health.

Mary Baldwin’s Fox told Warner about the college’s record enrollment, plans for a new healthcare campus and programs in Fishersville and offered an update on the Virginia Women’s Institute for Leadership program.

 "He knows a lot about Mary Baldwin,” said Fox, who also said Warner offered to do what he could to help the college.

Mary Baldwin College senior Aisha Ford appreciated Warner’s visit, but yearned to have additional detail on the deficit reduction. "I was hungry for more information,” she said.