Democratic U.S. Sen. Michael Bennet said the United States will be in “tough shape” if a bipartisan group of six senators – the so-called Gang of Six – fails to work out a debt-reduction compromise, calling the alternative “terrifying” for the economy, Bloomberg reported.

“We’re going to be in tough shape if the Gang of Six can’t produce something, because there really is not a Plan B,” Bennet said.

He gave the team “better than even” odds of reaching a deal.

“The question is going to be, ‘Can we construct a center here that can hold?'” Bennet said. “The alternative is really terrifying.”

The group has been working for four months on a plan based on last year’s proposal by the leaders of President Barack Obama’s bipartisan debt commission. That proposal would trim $3.8 trillion from the national debt in a decade by cutting spending and increasing revenue through a tax overhaul.

Republican U.S. Sen. Jon Kyl of Arizona said over the weekend that a tax overhaul should be “totally off the table.”