Two Republican senators are trying to spare the Pentagon from nearly $500 billion in cuts that will kick in automatically next January. The cuts are a result of the congressional deficit cutting panel failing to find a way to reduce spending.

Senators Jon Kyle and John McCain unveiled legislation Thursday that would freeze pay for federal workers. It would cut the federal workforce to produce $110 billion in savings for one year.

Virginia Senator Mark Warner says he's against that approach. He is currently working with a bipartisan group to present a major deficit-reduction bill.

"Well we're writing that bill right now. It will take us probably a few more weeks, maybe another month to get it done. I particularly think after the Republican nominee is selected, there may be a window in late spring where we could put this out there," said Senator Mark Warner.

Warner said the $15 trillion debt is the biggest overhang we have on the economy.