"I'm not going to give up the fight," said Warner, according to The Virginia Pilot. “This problem is not going to go away.” 

The plan that emerged from the Senate's bipartisan Gang of Six last month would reduce the deficit by $3.7 trillion over the next 10 years and increase tax revenues by $1 trillion by closing a variety of special tax breaks and havens. The plan languished in the upper chamber, however, over an apparent lack of support. 

The Virginia Pilot reports that Warner's new commission would consider altering spending, taxes and social welfare programs with the goal of reducing the deficit by about $4 trillion over the next decade.

Warner said the debt-ceiling deal reached by Congress earlier in the month, which he opposed, was a "political bill" that reduced the deficit by an insufficient level.

"$2.2 trillion is not enough," Warner. "We can't just get there by cutting."

Warner suggested he is considering inviting Republican lawmakers Sen. Saxby ChamblissClarence (Saxby) Saxby ChamblissLobbying World Former GOP senator: Let Dems engage on healthcare bill OPINION: Left-wing politics will be the demise of the Democratic Party MORE (Ga.) and Rep. Frank WolfFrank Rudolph WolfVulnerable Republican keeps focus as Democrats highlight Trump Bolton could be the first national security chief to prioritize religious freedom House votes to mandate sexual harassment training for members and staff MORE (Va.) to participate in the commission once it is formed.