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Post Tax Bill Agenda: Tackling Longterm Deficit Reduction

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Virginia Democratic Sen. Mark Warner is plowing ahead on tax reform and deficit reduction, even though he failed to get it included in the recently passed compromise tax passage.

The compromise tax bill was a pain pill for most lawmakers to swallow: It added to the deficit but did not address many of the longterm problems facing the nation. Warner hopes to take a lead role in the 112th Congress on addressing those longterm problems.

"You know we've got to demonstrate we can walk and chew gum -- that means...we just spent $800 billion on the tax deal for the next two years, we've got to pair that next year with meaningful tax reform and deficit reduction," Warner says.

Warner is continuing to work with Georgia Republican Sen. Saxby Chambliss on reform measures, but experts say the chances of passing any longterm deficit reducing measures are slim, as both parties posture ahead of the 2012 elections.

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