Debt deal could get support--gang of 6 turned into 50

[oreo]

With growing concern that debt negotiations ahead of a debt ceiling increase are not likely to result in a large enough deficit decrease to stave off calamitous consequences in the markets, a bipartisan group of more than 50 senators gathered Tuesday morning for more than an hour to see if they could embrace a $3.7 trillion deficit reduction plan ahead of the Treasury-assigned August 2 default deadline.

Bounding out of the meeting, Sen. Tom Coburn, R-Okla., who took a sabbatical from the so-called bipartisan Gang of Six, which negotiated the yet-to-be-finished compromise, to deliver the news - he had returned to the table. "It's back," he said cheerfully of the gang.

"The plan has moved significantly. It's where we need to be," Coburn added, just one day after presenting his own plan to reduce the debt by a whopping $9 trillion, a plan he hopes will serve as a menu of options from which members can choose down the road to stem the tide of red ink.

What got the fiscal hawk senator, a pivotal gang member critical to GOP support, back to the table?

"We added $116 billion in health care-related savings," said Sen. Kent Conrad, D-ND, another member of the group, in reference to entitlement reform. Conrad said "the committees of jurisdiction" would determine exactly where the savings would come from. If that did not work, Conrad said, the group would have a provision whereby 10 senators could come forward with an amendment to make the necessary changes.

One after another, senators emerged from the first floor Senate meeting room to praise the plan, some signing on right away, others determined to get to "yes."

"I said, 'Sign me up', and I wasn't alone," Sen. Joe Lieberman, I-Conn, said.

"This is a very thoughtful, serious plan...I'm excited...This is the vehicle that gives us the best opportunity to get at a whole range of issues," said Sen. Mike Johanns, R-Neb.

Sen. Susan Collins, R-Maine, said she was "very encouraged," and said she would be "reviewing the details." The centrist Republican voiced the mood of many leaving the room, saying, "More than 50 senators went in and out of the room. Everyone felt a sense of relief."

The plan raises about $1 trillion in revenue through closing loopholes and ending tax breaks, with some of it used for deficit reduction and most used for rate reduction through tax reform. As it would take time to enact such changes, the plan calls for an immediate $500 billion in spending cuts, something both Conrad and Coburn called "a downpayment."

And though the plan would likely anger many Republicans and outside anti-tax groups, members were quick to note that though some revenue would be used for deficit reduction, because they do away with the Alternative Minimum Tax (AMT), among other measures, the plan would represent, in total, a "1.5 trillion tax cut," according to Conrad.

Members of the Gang of Six may be more likely to take a chance on a politically unpopular solution. The only senator in the group who is up for reelection in 2012 is Conrad, and he has announced he won't run again.

It is unclear if the group can act before August 2, before a fallback plan comes forward from Senate leadership that could allow the President to increase the debt ceiling by $2.4 trillion with no spending cuts, though the plan would try to at least get $1.5 trillion in spending cuts approved.

But it was clear, the preference is to have this plan, not the leadership plan.

Several senators who were in the room predicted that there would be the necessary votes, 60, to stave off a filibuster.

Sen. Kay Bailey Hutchison, R-Texas, said she "absolutely" supports the plan, and added, "They have come up with a plan that will get a majority vote, very likely 60 votes."

The newly-installed Coburn was even more certain, "In the next 24 hours, 60 senators will sign on."

But - and there's always a but - this is not a done deal. Aides to Gang members say they've still got a ways to go.

The group plans to meet again later today and gave their colleagues 24 hours to determine if they will support the plan.

Sen. Joe Manchin, D-W.Va., released a statement that stopped just short of supporting the plan, though the moderate Democrat said he's still reviewing it. "This morning, the Gang of Six truly became a Mob of Fifty, and I believe this proposal holds enormous promise as a commonsense solution to our long-term debt and deficit.

Support for Senate

Funny--how when Barack Obama out of the room--probably out on the golf course--we actually see democrats and republicans WORKING together--to solve a crisis.

Amazing isn't it?

 

[Moonglow]

With growing concern that debt negotiations ahead of a debt ceiling increase are not likely to result in a large enough deficit decrease to stave off calamitous consequences in the markets, a bipartisan group of more than 50 senators gathered Tuesday morning for more than an hour to see if they could embrace a $3.7 trillion deficit reduction plan ahead of the Treasury-assigned August 2 default deadline.

Bounding out of the meeting, Sen. Tom Coburn, R-Okla., who took a sabbatical from the so-called bipartisan Gang of Six, which negotiated the yet-to-be-finished compromise, to deliver the news - he had returned to the table. "It's back," he said cheerfully of the gang.

"The plan has moved significantly. It's where we need to be," Coburn added, just one day after presenting his own plan to reduce the debt by a whopping $9 trillion, a plan he hopes will serve as a menu of options from which members can choose down the road to stem the tide of red ink.

What got the fiscal hawk senator, a pivotal gang member critical to GOP support, back to the table?

"We added $116 billion in health care-related savings," said Sen. Kent Conrad, D-ND, another member of the group, in reference to entitlement reform. Conrad said "the committees of jurisdiction" would determine exactly where the savings would come from. If that did not work, Conrad said, the group would have a provision whereby 10 senators could come forward with an amendment to make the necessary changes.

One after another, senators emerged from the first floor Senate meeting room to praise the plan, some signing on right away, others determined to get to "yes."

"I said, 'Sign me up', and I wasn't alone," Sen. Joe Lieberman, I-Conn, said.

"This is a very thoughtful, serious plan...I'm excited...This is the vehicle that gives us the best opportunity to get at a whole range of issues," said Sen. Mike Johanns, R-Neb.

Sen. Susan Collins, R-Maine, said she was "very encouraged," and said she would be "reviewing the details." The centrist Republican voiced the mood of many leaving the room, saying, "More than 50 senators went in and out of the room. Everyone felt a sense of relief."

The plan raises about $1 trillion in revenue through closing loopholes and ending tax breaks, with some of it used for deficit reduction and most used for rate reduction through tax reform. As it would take time to enact such changes, the plan calls for an immediate $500 billion in spending cuts, something both Conrad and Coburn called "a downpayment."

And though the plan would likely anger many Republicans and outside anti-tax groups, members were quick to note that though some revenue would be used for deficit reduction, because they do away with the Alternative Minimum Tax (AMT), among other measures, the plan would represent, in total, a "1.5 trillion tax cut," according to Conrad.

Members of the Gang of Six may be more likely to take a chance on a politically unpopular solution. The only senator in the group who is up for reelection in 2012 is Conrad, and he has announced he won't run again.

It is unclear if the group can act before August 2, before a fallback plan comes forward from Senate leadership that could allow the President to increase the debt ceiling by $2.4 trillion with no spending cuts, though the plan would try to at least get $1.5 trillion in spending cuts approved.

But it was clear, the preference is to have this plan, not the leadership plan.

Several senators who were in the room predicted that there would be the necessary votes, 60, to stave off a filibuster.

Sen. Kay Bailey Hutchison, R-Texas, said she "absolutely" supports the plan, and added, "They have come up with a plan that will get a majority vote, very likely 60 votes."

The newly-installed Coburn was even more certain, "In the next 24 hours, 60 senators will sign on."

But - and there's always a but - this is not a done deal. Aides to Gang members say they've still got a ways to go.

The group plans to meet again later today and gave their colleagues 24 hours to determine if they will support the plan.

Sen. Joe Manchin, D-W.Va., released a statement that stopped just short of supporting the plan, though the moderate Democrat said he's still reviewing it. "This morning, the Gang of Six truly became a Mob of Fifty, and I believe this proposal holds enormous promise as a commonsense solution to our long-term debt and deficit.

Support for Senate

Funny--how when Barack Obama out of the room--probably out on the golf course--we actually see democrats and republicans WORKING together--to solve a crisis.

Amazing isn't it?

the job is for Congress to accomplish. It is not the presidents. Will when you people learn about functions of government. Obama can't be the executive and legislative branch of the govt.

 

[Truthmatters]

They dont care about facts.

take the line in the stupid article that claims some calamitous consequences in the markets if the republicans dont get their way.

Bad info in bad decisions out.

Its why the Rs cant get anything right

 

[Modbert]

President Obama praises 'Gang of Six' debt ceiling plan - Carrie Budoff Brown and Jennifer Epstein - POLITICO.com

President Barack Obama hailed a proposal offered Tuesday by Republican and Democratic senators as “a very significant step” that represents “the potential for bipartisan consensus” on resolving the impasse over cutting the deficit and lifting the debt ceiling.

But reality quickly settled in, as House Republican leaders expressed skepticism, Senate leaders were noncommittal and rank-and-file members of both parties questioned whether it just is too late to pull everything together

“We have a Democratic president and administration that is prepared to sign a tough package that includes both spending cuts, modifications to Social Security, Medicaid and Medicare that would strengthen those systems and allow them to move forward, and would include a revenue component,” Obama said. “We now have a bipartisan group of senators who agree with that balanced approach. And we’ve got the American people who agree with that balanced approach.

Minority Leader Mitch McConnell (R-Ky.), who was never thrilled about the Gang of Six deliberations, said he hasn’t “had a chance to decide how I feel about it.”

And early reaction from the House GOP, the linchpin to any deal, wasn’t promising.

 

[Charles_Main]

They dont care about facts.

take the line in the stupid article that claims some calamitous consequences in the markets if the republicans dont get their way.

Bad info in bad decisions out.

Its why the Rs cant get anything right

Again you prove how stupid you are.

If the Republicans did not get at least some of what they want (spending cuts) and we just raised the Debt Ceiling with out making any Cuts. It is almost sure that SnP would downgrade our Credit Rating. They have made it clear we need to show we are serious about getting our Deficits under control.

Now if you think losing our AAA credit rating would not have calamitous Consequences on the economy then clearly you are a fool. It would be nearly as bad as Defaulting would be.

 

[JimH52]

With growing concern that debt negotiations ahead of a debt ceiling increase are not likely to result in a large enough deficit decrease to stave off calamitous consequences in the markets, a bipartisan group of more than 50 senators gathered Tuesday morning for more than an hour to see if they could embrace a $3.7 trillion deficit reduction plan ahead of the Treasury-assigned August 2 default deadline.

Bounding out of the meeting, Sen. Tom Coburn, R-Okla., who took a sabbatical from the so-called bipartisan Gang of Six, which negotiated the yet-to-be-finished compromise, to deliver the news - he had returned to the table. "It's back," he said cheerfully of the gang.

"The plan has moved significantly. It's where we need to be," Coburn added, just one day after presenting his own plan to reduce the debt by a whopping $9 trillion, a plan he hopes will serve as a menu of options from which members can choose down the road to stem the tide of red ink.

What got the fiscal hawk senator, a pivotal gang member critical to GOP support, back to the table?

"We added $116 billion in health care-related savings," said Sen. Kent Conrad, D-ND, another member of the group, in reference to entitlement reform. Conrad said "the committees of jurisdiction" would determine exactly where the savings would come from. If that did not work, Conrad said, the group would have a provision whereby 10 senators could come forward with an amendment to make the necessary changes.

One after another, senators emerged from the first floor Senate meeting room to praise the plan, some signing on right away, others determined to get to "yes."

"I said, 'Sign me up', and I wasn't alone," Sen. Joe Lieberman, I-Conn, said.

"This is a very thoughtful, serious plan...I'm excited...This is the vehicle that gives us the best opportunity to get at a whole range of issues," said Sen. Mike Johanns, R-Neb.

Sen. Susan Collins, R-Maine, said she was "very encouraged," and said she would be "reviewing the details." The centrist Republican voiced the mood of many leaving the room, saying, "More than 50 senators went in and out of the room. Everyone felt a sense of relief."

The plan raises about $1 trillion in revenue through closing loopholes and ending tax breaks, with some of it used for deficit reduction and most used for rate reduction through tax reform. As it would take time to enact such changes, the plan calls for an immediate $500 billion in spending cuts, something both Conrad and Coburn called "a downpayment."

And though the plan would likely anger many Republicans and outside anti-tax groups, members were quick to note that though some revenue would be used for deficit reduction, because they do away with the Alternative Minimum Tax (AMT), among other measures, the plan would represent, in total, a "1.5 trillion tax cut," according to Conrad.

Members of the Gang of Six may be more likely to take a chance on a politically unpopular solution. The only senator in the group who is up for reelection in 2012 is Conrad, and he has announced he won't run again.

It is unclear if the group can act before August 2, before a fallback plan comes forward from Senate leadership that could allow the President to increase the debt ceiling by $2.4 trillion with no spending cuts, though the plan would try to at least get $1.5 trillion in spending cuts approved.

But it was clear, the preference is to have this plan, not the leadership plan.

Several senators who were in the room predicted that there would be the necessary votes, 60, to stave off a filibuster.

Sen. Kay Bailey Hutchison, R-Texas, said she "absolutely" supports the plan, and added, "They have come up with a plan that will get a majority vote, very likely 60 votes."

The newly-installed Coburn was even more certain, "In the next 24 hours, 60 senators will sign on."

But - and there's always a but - this is not a done deal. Aides to Gang members say they've still got a ways to go.

The group plans to meet again later today and gave their colleagues 24 hours to determine if they will support the plan.

Sen. Joe Manchin, D-W.Va., released a statement that stopped just short of supporting the plan, though the moderate Democrat said he's still reviewing it. "This morning, the Gang of Six truly became a Mob of Fifty, and I believe this proposal holds enormous promise as a commonsense solution to our long-term debt and deficit.

Support for Senate

Funny--how when Barack Obama out of the room--probably out on the golf course--we actually see democrats and republicans WORKING together--to solve a crisis.

Amazing isn't it?

The plan is similar to the one that Obama offered earlier, but don't tell the repubs...

 

[PLYMCO_PILGRIM]

With growing concern that debt negotiations ahead of a debt ceiling increase are not likely to result in a large enough deficit decrease to stave off calamitous consequences in the markets, a bipartisan group of more than 50 senators gathered Tuesday morning for more than an hour to see if they could embrace a $3.7 trillion deficit reduction plan ahead of the Treasury-assigned August 2 default deadline.

Bounding out of the meeting, Sen. Tom Coburn, R-Okla., who took a sabbatical from the so-called bipartisan Gang of Six, which negotiated the yet-to-be-finished compromise, to deliver the news - he had returned to the table. "It's back," he said cheerfully of the gang.

"The plan has moved significantly. It's where we need to be," Coburn added, just one day after presenting his own plan to reduce the debt by a whopping $9 trillion, a plan he hopes will serve as a menu of options from which members can choose down the road to stem the tide of red ink.

What got the fiscal hawk senator, a pivotal gang member critical to GOP support, back to the table?

"We added $116 billion in health care-related savings," said Sen. Kent Conrad, D-ND, another member of the group, in reference to entitlement reform. Conrad said "the committees of jurisdiction" would determine exactly where the savings would come from. If that did not work, Conrad said, the group would have a provision whereby 10 senators could come forward with an amendment to make the necessary changes.

One after another, senators emerged from the first floor Senate meeting room to praise the plan, some signing on right away, others determined to get to "yes."

"I said, 'Sign me up', and I wasn't alone," Sen. Joe Lieberman, I-Conn, said.

"This is a very thoughtful, serious plan...I'm excited...This is the vehicle that gives us the best opportunity to get at a whole range of issues," said Sen. Mike Johanns, R-Neb.

Sen. Susan Collins, R-Maine, said she was "very encouraged," and said she would be "reviewing the details." The centrist Republican voiced the mood of many leaving the room, saying, "More than 50 senators went in and out of the room. Everyone felt a sense of relief."

The plan raises about $1 trillion in revenue through closing loopholes and ending tax breaks, with some of it used for deficit reduction and most used for rate reduction through tax reform. As it would take time to enact such changes, the plan calls for an immediate $500 billion in spending cuts, something both Conrad and Coburn called "a downpayment."

And though the plan would likely anger many Republicans and outside anti-tax groups, members were quick to note that though some revenue would be used for deficit reduction, because they do away with the Alternative Minimum Tax (AMT), among other measures, the plan would represent, in total, a "1.5 trillion tax cut," according to Conrad.

Members of the Gang of Six may be more likely to take a chance on a politically unpopular solution. The only senator in the group who is up for reelection in 2012 is Conrad, and he has announced he won't run again.

It is unclear if the group can act before August 2, before a fallback plan comes forward from Senate leadership that could allow the President to increase the debt ceiling by $2.4 trillion with no spending cuts, though the plan would try to at least get $1.5 trillion in spending cuts approved.

But it was clear, the preference is to have this plan, not the leadership plan.

Several senators who were in the room predicted that there would be the necessary votes, 60, to stave off a filibuster.

Sen. Kay Bailey Hutchison, R-Texas, said she "absolutely" supports the plan, and added, "They have come up with a plan that will get a majority vote, very likely 60 votes."

The newly-installed Coburn was even more certain, "In the next 24 hours, 60 senators will sign on."

But - and there's always a but - this is not a done deal. Aides to Gang members say they've still got a ways to go.

The group plans to meet again later today and gave their colleagues 24 hours to determine if they will support the plan.

Sen. Joe Manchin, D-W.Va., released a statement that stopped just short of supporting the plan, though the moderate Democrat said he's still reviewing it. "This morning, the Gang of Six truly became a Mob of Fifty, and I believe this proposal holds enormous promise as a commonsense solution to our long-term debt and deficit.

Support for Senate

Funny--how when Barack Obama out of the room--probably out on the golf course--we actually see democrats and republicans WORKING together--to solve a crisis.

Amazing isn't it?

I would like to see the plan before celebrating, sorry i dont trust the senators from either party.

 

[Trajan]

With growing concern that debt negotiations ahead of a debt ceiling increase are not likely to result in a large enough deficit decrease to stave off calamitous consequences in the markets, a bipartisan group of more than 50 senators gathered Tuesday morning for more than an hour to see if they could embrace a $3.7 trillion deficit reduction plan ahead of the Treasury-assigned August 2 default deadline.

Bounding out of the meeting, Sen. Tom Coburn, R-Okla., who took a sabbatical from the so-called bipartisan Gang of Six, which negotiated the yet-to-be-finished compromise, to deliver the news - he had returned to the table. "It's back," he said cheerfully of the gang.

"The plan has moved significantly. It's where we need to be," Coburn added, just one day after presenting his own plan to reduce the debt by a whopping $9 trillion, a plan he hopes will serve as a menu of options from which members can choose down the road to stem the tide of red ink.

What got the fiscal hawk senator, a pivotal gang member critical to GOP support, back to the table?

"We added $116 billion in health care-related savings," said Sen. Kent Conrad, D-ND, another member of the group, in reference to entitlement reform. Conrad said "the committees of jurisdiction" would determine exactly where the savings would come from. If that did not work, Conrad said, the group would have a provision whereby 10 senators could come forward with an amendment to make the necessary changes.

One after another, senators emerged from the first floor Senate meeting room to praise the plan, some signing on right away, others determined to get to "yes."

"I said, 'Sign me up', and I wasn't alone," Sen. Joe Lieberman, I-Conn, said.

"This is a very thoughtful, serious plan...I'm excited...This is the vehicle that gives us the best opportunity to get at a whole range of issues," said Sen. Mike Johanns, R-Neb.

Sen. Susan Collins, R-Maine, said she was "very encouraged," and said she would be "reviewing the details." The centrist Republican voiced the mood of many leaving the room, saying, "More than 50 senators went in and out of the room. Everyone felt a sense of relief."

The plan raises about $1 trillion in revenue through closing loopholes and ending tax breaks, with some of it used for deficit reduction and most used for rate reduction through tax reform. As it would take time to enact such changes, the plan calls for an immediate $500 billion in spending cuts, something both Conrad and Coburn called "a downpayment."

And though the plan would likely anger many Republicans and outside anti-tax groups, members were quick to note that though some revenue would be used for deficit reduction, because they do away with the Alternative Minimum Tax (AMT), among other measures, the plan would represent, in total, a "1.5 trillion tax cut," according to Conrad.

Members of the Gang of Six may be more likely to take a chance on a politically unpopular solution. The only senator in the group who is up for reelection in 2012 is Conrad, and he has announced he won't run again.

It is unclear if the group can act before August 2, before a fallback plan comes forward from Senate leadership that could allow the President to increase the debt ceiling by $2.4 trillion with no spending cuts, though the plan would try to at least get $1.5 trillion in spending cuts approved.

But it was clear, the preference is to have this plan, not the leadership plan.

Several senators who were in the room predicted that there would be the necessary votes, 60, to stave off a filibuster.

Sen. Kay Bailey Hutchison, R-Texas, said she "absolutely" supports the plan, and added, "They have come up with a plan that will get a majority vote, very likely 60 votes."

The newly-installed Coburn was even more certain, "In the next 24 hours, 60 senators will sign on."

But - and there's always a but - this is not a done deal. Aides to Gang members say they've still got a ways to go.

The group plans to meet again later today and gave their colleagues 24 hours to determine if they will support the plan.

Sen. Joe Manchin, D-W.Va., released a statement that stopped just short of supporting the plan, though the moderate Democrat said he's still reviewing it. "This morning, the Gang of Six truly became a Mob of Fifty, and I believe this proposal holds enormous promise as a commonsense solution to our long-term debt and deficit.

Support for Senate

Funny--how when Barack Obama out of the room--probably out on the golf course--we actually see democrats and republicans WORKING together--to solve a crisis.

Amazing isn't it?

The plan is similar to the one that Obama offered earlier, but don't tell the repubs...

what plan was that?

 

[Trajan]

With growing concern that debt negotiations ahead of a debt ceiling increase are not likely to result in a large enough deficit decrease to stave off calamitous consequences in the markets, a bipartisan group of more than 50 senators gathered Tuesday morning for more than an hour to see if they could embrace a $3.7 trillion deficit reduction plan ahead of the Treasury-assigned August 2 default deadline.

Bounding out of the meeting, Sen. Tom Coburn, R-Okla., who took a sabbatical from the so-called bipartisan Gang of Six, which negotiated the yet-to-be-finished compromise, to deliver the news - he had returned to the table. "It's back," he said cheerfully of the gang.

"The plan has moved significantly. It's where we need to be," Coburn added, just one day after presenting his own plan to reduce the debt by a whopping $9 trillion, a plan he hopes will serve as a menu of options from which members can choose down the road to stem the tide of red ink.

What got the fiscal hawk senator, a pivotal gang member critical to GOP support, back to the table?

"We added $116 billion in health care-related savings," said Sen. Kent Conrad, D-ND, another member of the group, in reference to entitlement reform. Conrad said "the committees of jurisdiction" would determine exactly where the savings would come from. If that did not work, Conrad said, the group would have a provision whereby 10 senators could come forward with an amendment to make the necessary changes.

One after another, senators emerged from the first floor Senate meeting room to praise the plan, some signing on right away, others determined to get to "yes."

"I said, 'Sign me up', and I wasn't alone," Sen. Joe Lieberman, I-Conn, said.

"This is a very thoughtful, serious plan...I'm excited...This is the vehicle that gives us the best opportunity to get at a whole range of issues," said Sen. Mike Johanns, R-Neb.

Sen. Susan Collins, R-Maine, said she was "very encouraged," and said she would be "reviewing the details." The centrist Republican voiced the mood of many leaving the room, saying, "More than 50 senators went in and out of the room. Everyone felt a sense of relief."

The plan raises about $1 trillion in revenue through closing loopholes and ending tax breaks, with some of it used for deficit reduction and most used for rate reduction through tax reform. As it would take time to enact such changes, the plan calls for an immediate $500 billion in spending cuts, something both Conrad and Coburn called "a downpayment."

And though the plan would likely anger many Republicans and outside anti-tax groups, members were quick to note that though some revenue would be used for deficit reduction, because they do away with the Alternative Minimum Tax (AMT), among other measures, the plan would represent, in total, a "1.5 trillion tax cut," according to Conrad.

Members of the Gang of Six may be more likely to take a chance on a politically unpopular solution. The only senator in the group who is up for reelection in 2012 is Conrad, and he has announced he won't run again.

It is unclear if the group can act before August 2, before a fallback plan comes forward from Senate leadership that could allow the President to increase the debt ceiling by $2.4 trillion with no spending cuts, though the plan would try to at least get $1.5 trillion in spending cuts approved.

But it was clear, the preference is to have this plan, not the leadership plan.

Several senators who were in the room predicted that there would be the necessary votes, 60, to stave off a filibuster.

Sen. Kay Bailey Hutchison, R-Texas, said she "absolutely" supports the plan, and added, "They have come up with a plan that will get a majority vote, very likely 60 votes."

The newly-installed Coburn was even more certain, "In the next 24 hours, 60 senators will sign on."

But - and there's always a but - this is not a done deal. Aides to Gang members say they've still got a ways to go.

The group plans to meet again later today and gave their colleagues 24 hours to determine if they will support the plan.

Sen. Joe Manchin, D-W.Va., released a statement that stopped just short of supporting the plan, though the moderate Democrat said he's still reviewing it. "This morning, the Gang of Six truly became a Mob of Fifty, and I believe this proposal holds enormous promise as a commonsense solution to our long-term debt and deficit.

Support for Senate

Funny--how when Barack Obama out of the room--probably out on the golf course--we actually see democrats and republicans WORKING together--to solve a crisis.

Amazing isn't it?

I would like to see the plan before celebrating, sorry i dont trust the senators from either party.

yes, agreed, I understand coburn has one, actually on paper.

Coburn Releases $9T Deficit Reduction Plan

* By Steven T. Dennis
* Roll Call Staff
* July 18, 2011, 3:52 p.m.

Sen. Tom Coburn released a $9 trillion "Back in Black" deficit reduction plan Monday that would gore government programs and tax breaks large and small.

The plan would cut $1 trillion in tax breaks that the Oklahoma Republican considers "socialist" spending, although it would be considered a tax increase by anti-tax advocate Grover Norquist. Norquist's group, Americans for Tax Reform, attacked the plan Monday. "It's now clear Senator Coburn's plan all along was a trillion dollar tax hike," the group said in a statement.

Coburn said it doesn’t make sense to say it’s OK to cut spending when it’s part of an appropriations bill, but not when it is tucked into the tax code. “That’s just ludicrous. It’s idiocy,” he said.

He also said that solving the nation's spiraling debt problem must take priority.

"Doing nothing is a tax increase," he said, adding that if he were negotiating with President Barack Obama, he would seek a compromise of new revenue and spending cuts.

He criticized the "Plan B" proposal from Senate Minority Leader Mitch McConnell (R-Ky.) that would allow the debt ceiling to be raised without a guarantee of deficit reduction, calling it a "punt."

Coburn also includes $1 trillion in defense spending cuts — more than even Senate Democrats have proposed — contending that the threat of China owning U.S. debt is a bigger national security risk than going to war with China.

more at

Coburn Releases $9T Deficit Reduction Plan : Roll Call News

a link to the plan-

Back in Black: A Deficit Reduction Plan - Tom Coburn, M.D., United States Senator from Oklahoma

 

[Trajan]

heres the cover page, Total Savings Chart...


http://coburn.senate.gov/public//in...&File_id=ac3f0d39-1cc2-4bac-b170-42fc20111974

 

[Mad Scientist]

5 or 10 ten year deficit reduction programs are a lie because budgets are done yearly and can change depending on which party conytrols Congress (But don't tell the American people)

 

[Trajan]

5 or 10 ten year deficit reduction programs are a lie because budgets are done yearly and can change depending on which party conytrols Congress (But don't tell the American people)

yes that is true, ask Herbert Walker

but at this point, nothing that isn't cut in the next 2 years is a lie waiting to happen....*shrugs*

how long to collect that 3.7 trillion in saving Durbin loves so much?

 

[JimH52]

Support for Senate

Funny--how when Barack Obama out of the room--probably out on the golf course--we actually see democrats and republicans WORKING together--to solve a crisis.

Amazing isn't it?

The plan is similar to the one that Obama offered earlier, but don't tell the repubs...

what plan was that?

Here you go Sherlock...

Obama announces framework for cutting deficit by $4 trillion over 12 years - The Washington Post

 

[JimH52]

If the Senate accepts this plan by the Gang of 6, and the tea baggers still insist on stonewalling, they will be one term Congressmen. Coburn coming back to the group should have sent a strong message to the "youngsters."

The American people strongly support a balanced approach to deficit reduction; NOT the cut only approach of the tea bagger freshmen. The last time I looked Grover Glenn Norquist was not a voting member of Congress.

CNN.com - Breaking News, U.S., World, Weather, Entertainment & Video News

 

[JakeStarkey]

Time for the Tea Party mob in the House to stand up and vote for the compromise, or be voted out of office next year. The Responsible Right is signing on, and what is best for America is almost always bi-partisanship from the center of the process. Neither far righty nor far lefty is what our country needs.

 

[Liability]

It's just the Senate.

Thankfully.

JUST the Senate.

We will all have to worry about these guys copping out and caving into the President and the loopey, loony lefties of the Democrat Parody only if and when the House starts thinking like that.

 

[chikenwing]

They dont care about facts.

take the line in the stupid article that claims some calamitous consequences in the markets if the republicans dont get their way.

What just like the Dems are doing,good grief at least try and be honest.

 

[JakeStarkey]

The sensible center, and just to the right and left of it, are giving Boehner the hammer to use on the yayhoos of the Far Right. Once they realize that more 60 House GOP are on board, they will cave. If they do so, some of the yayhoos will have a chance at re-election next year.

 

[Steelplate]

They dont care about facts.

take the line in the stupid article that claims some calamitous consequences in the markets if the republicans dont get their way.

Bad info in bad decisions out.

Its why the Rs cant get anything right

Again you prove how stupid you are.

If the Republicans did not get at least some of what they want (spending cuts) and we just raised the Debt Ceiling with out making any Cuts. It is almost sure that SnP would downgrade our Credit Rating. They have made it clear we need to show we are serious about getting our Deficits under control.

Now if you think losing our AAA credit rating would not have calamitous Consequences on the economy then clearly you are a fool. It would be nearly as bad as Defaulting would be.

Again... you prove that there's nothing you have to offer other than the usual Conservative rantings.

Not one person, either on this forum or in our government has said ANYTHING about NOT cutting spending. The only thing that has been said is that this "debt reduction" plan should not be borne on the backs of programs that benefit working and middle class Americans ALONE. If us working people have to suffer cuts to important(to us) programs such as SS and Medicare... then the people at the top need to suffer revenue increases... something that they have not had to deal with pretty much since Reagan... I know.. Clinton raised them...and had a very successful economy for his efforts.

so all we have said... is this reduction plan needs to be a shared sacrifice, and that's all we've been saying.

 

[Liability]

The sensible center, and just to the right and left of it, are giving Boehner the hammer to use on the yayhoos of the Far Right. Once they realize that more 60 House GOP are on board, they will cave. If they do so, some of the yayhoos will have a chance at re-election next year.

The flaw in Jake's thinking is that he believes that there's "sense" in taking a "middle ground" when there ISN'T any sense there.

It is not sensible to drive just half way off a cliff at 100 mph instead of driving ALL the way off that cliff at 120 mph.

There is sense in turning the steering wheel AWAY from the course that takes you to the very edge of the damn precipice and in slowing the hell DOWN while you're at it.

NO new taxes and for GOD'S sake, no further permission/authority to spend spend spend.

The time has long since come to CUT spending. It's the only hope. The ONLY hope. THAT is where "sense" can be found.

This other "compromise" crap is just a different recipe for doom.