Senator Warner was on CNBC's "Power Lunch" this afternoon as part of today's review of President Obama's first 100 days in office.

He talked about three major actions of the administration -- the economic recovery package, the bank bailouts, and efforts to stem the tide of home foreclosures. Senator Warner said each was a necessary response to our shaky economic current situation, which Senator Warner described as "the equivalent of a hundred year flood":

We had to try things that in normal circumstances, I don't think anybody would have willingly jumped into.  ... I think the jury is still out on some of its effectiveness, but I think the direction we're headed in is ... the right one. 

He was joined by Nevada Senator John Ensign, who agreed with Senator Warner that Congress should focus in a bipartisan way on efforts to reduce federal deficits by tackling entitlement reform.

Here is the interview: 

Note: CNBC switches to breaking news in the middle of the interview.  Skip from minute 5:50 to minute 8:05 to bypass the interruption. 

RELATED: The White House released a progress report today on the impact of the economic recovery on Virginia's families during the first three months of his administration.