Corker suggests freezing spending, expects extension of tax cuts

Focusing on GDP will provide the right perspective because "everybody in the country wants the GDP to grow," he said. 

"So you look at taxes that actually spur economic growth. We all know that that's the easiest way to get spending under control as a percentage of GDP."

On the tax front, Corker reiterated the need to stick with existing tax policy saying "I think we're going to end up doing that, if I read the tea leaves, for at least two more years while we debate these other issues."

Congress is expected to debate the tax cuts, which expire at the end of the year, when they return to Washington after the elections. The Obama administration has continued to push for an extension of the middle-class tax cuts while arguing that those cuts in place for higher-income workers need to expire to reduce the deficit. 

"What we never do in this country is focus on page one, in other words, we quickly devolve to whether the Bush tax policy ought to continue, what program ought to be cut, that type of thing," he said. "We never look at what our target is. And so we end up in these little debates that take us nowhere."

Congress also needs to examine corporate tax rates which "are out of line with the rest of the developed world," Corker said.