Politics | Mark Warner 'Gang of Six:' $3 in Cuts for Every $1 Raised There's something for everyone to hate By Kevin Spak Posted Apr 27, 2011 12:38 PM CDT Copied In this image released by CBS' Face the Nation, Sen. Mark Warner, D-Va., speaks on Face the Nation on Sunday, April 17, 2011, in Washington. (AP Photo/CBS News, Chris Usher) The budget plan the bipartisan Gang of Six ultimately devises will include $3 of spending cuts for every dollar it raises in additional tax revenues, Mark Warner tells Bloomberg, promising cuts in health care, defense, agriculture, and other domestic programs, along with changes to Medicare, Medicaid, and Social Security. The plan will generate revenue by reducing tax breaks. The plan would, for example, limit deductions on charitable giving, and reduce the size of mortgages on which interest can be written off from $1 million to $500,000. The plan will “have enough pain in there that everybody’s going to be mad, a bit,” Warner warned constituents last week. But he tells Bloomberg that a bipartisan approach is necessary, because both Paul Ryan and President Obama’s plans contain “poison pills” the other side won’t accept. Read These Next Mid That 'buy now, pay later' loan may soon hit your credit score. Cops: Arizona 5th graders drew up plot to 'end' a classmate. The Bezos-Sanchez wedding: guest list, cost, the dress, and more. Report an error