Warner: Deal "Probably Won't" Come Before Sequester Deadline - NBC29 WVIR Charlottesville, VA News, Sports and Weather

Warner: Deficit Deal "Probably Won't" Come Before Sequester Deadline

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If and when across the board federal spending cuts go into effect Friday, Virginia stands to suffer more than any other state in the country.

Economists predict as many as 200 thousand Virginia jobs could disappear, as both a direct and indirect result of the $85 billion sequester scheduled for March 1. It could also result in a loss of billions of dollars in economic activity.

In his first speech on the Senate floor Wednesday, newly minted Senator Tim Kaine detailed a new Democratic proposition to avoid the cuts. The plan, which suggests and even split between targeted spending cuts and new revenues, will go up for debate in the Senate Thursday.

In an interview with NBC29 Wednesday, Sen. Mark Warner said a deal to reduce the deficit and avoid the sequester "probably won't" come before the deadline. Despite that, Kaine and Warner remain optimistic a solution will eventually be found to reverse the cuts.

"The good news is that we can avoid this," Kaine said Wednesday. "In fact, we really have an obligation to avoid this."

"I hope sooner rather than later," Warner said, "but it's frankly an embarrassment that we're down to the eleventh hour and these cuts are still looming."

Senate Republicans are also expected to propose their own deficit reduction deal for debate Thursday.

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