WASHINGTON—The following are excerpts of opening remarks by U.S. Senator Mark R. Warner (D-VA) during today’s hearing by the Senate Budget Committee on the release of a Fiscal Year 2014 Budget:

“I share the concern of a lot of our members on both sides of the aisle. The fact is we’re $16 trillion in debt, $16.5 trillion in debt, and it goes up $3 billion every night. None of this is self-correcting. It’s going to have to be reduced and dealt with. As a document, the document you’re going to put forward is not my, or probably any member’s, perfect solution. But it is credible, it is real, and it is a framework to ‘reboot’ some of our conversations.  Unfortunately, and I’ve been through only one of these processes so far, this part is the part where both sides try to exact as much pain, provoke as much embarrassment, and score as many political points as possible.    

… There’s been a lot of conversation around this table about business backgrounds, and about how to grow the economy. I’ll match my business credentials, my ability to read a balance sheet, with anyone at this table or in this body. And I would simply remind you that a balanced approach looks both at revenues and at spending.   

I will remind everyone that this body about ten years ago took about $4.5 trillion out of the revenue stream when we did those Bush tax cuts -- which both parties supported – but we took $4.5 trillion out of the revenue stream. I would also point out that every bipartisan group – Bowles-Simpson, Gang of Six, Domenici-Rivlin – all have concluded there’s a need, net-net, of about $1.2-to-$2 trillion in new revenue, depending on the baseline.  What’s remarkable is that no one’s even talking about replacing all of the revenue that was taken out ten years ago. I’d also point out that the deal that was cut on New Year’s Eve, which was disappointing to many of us, only replaced about half of what is needed to return to the revenue stream.

… I would agree with my colleagues on the Republican side that the overwhelming majority of jobs are created in the private sector, and that’s how it should be.  But governments, just as businesses do, have to have a business plan to stay competitive with nations around the world.  One of the most remarkable things about what the House has proposed is they would cut domestic discretionary spending particularly in three areas – education, infrastructure and R&D – to less than 5% of our GDP.  Now, I would never invest in a business that spent less than 5% of its revenue on how it trains its workforce, how it improves its plant and equipment, and how it stays ahead of the competition. I can assure you – China, India, Brazil, countries all across the world – have a better business plan than that. 

I’d also say, and this is where I’ve caused some consternation on my side, that I do think that we can do more for an eventual compromise on entitlement reform. I share the belief of even my most progressive colleagues that Medicare and Social Security are among the greatest programs ever implemented.  But I also believe that the basic math around them doesn’t work anymore. It’s not anybody’s fault: it’s actually a blessing. We’re all living a lot longer. When I was a kid, there were 16 people working for every person tapping Medicare and Social Security. Today there are only three people working for every recipient, and in 15 years it will be two-to-one. The longer we put off this inevitable math problem, the longer we fail to come up with a way to make sure that the promise of Medicare and Social Security is not just there for current seniors but for those 30 years out, I think we do a disservice.

My final appeal is, we’ve got to keep this process moving forward… And I hope, Madame Chair, that the good work you do and my colleagues on both sides of the aisle, that we will get this budget to the floor, that we’ll be able to wrestle it through the process and we’ll be able to reach an agreement with the House and actually finally lance this boil. Until we do, I’m not sure that this Congress is going to get anything accomplished.”