Steps being taken by Congress and the Obama administration are guided the principle that "everyone has to pay an equal price" to right the economy, Congressman Paul Kanjorski (D-Pa.) said Monday.

Kanjorski, appearing on MSNBC's "Morning Joe," discussed reforms to the credit card industry that President Obama is pushing this week. In his weekly radio address, Obama called for stronger consumer protections and stronger penalties for credit card companies that "take advantage of ordinary Americans."

Kanjorski, a member of House Financial Services Committee, said society pushed the country "right up to the brink of disaster" and the way to fix it is by asking all sectors to make sacrifices.

"I think everyone has to pay a little price," Kanjorski said. "What we call it is even warfare [not class warfare] - everyone has to pay an equal price."