Sen. Warner: 80% Chance U.S. Will Avoid Fiscal Cliff

Lynchburg, VA - Time's running out for politicians to decide what to do about the fiscal cliff.

Senator Mark Warner led the Gang of Six, a bipartisan deficit-reduction panel. He says he is 80% confident the U.S. economy will not go off the cliff.

At this point, the president and the speaker are negotiating a deal. One thing's for sure: If we go over, the deficit will shrink. But Warner says that's not a good path to take; it's too much austerity too fast.

"You look at countries like Greece who put on all the breaks at once. Now, they've gone from 11% unemployment to 25%. I think doing this too fast would cause us to go back in to another recession," said Warner in a Skype interview Thursday.

Warner wants to see higher taxes for the wealthy, as well as cuts to get our economy back on track.