Gang of 6 is Back with a plan

[Wiseacre]

Obama was just on TV talking about a plan to reduce the defict by 3.75 trillion over 10 years, put out by the G6. It has 1.2 trillion is new revenue from closing tax loopholes, some which goes to the defict and some to lowering tax rates. And it has 500 billion in immediate spending cuts, and also changes Soc Security and Medicare, and some hits to defense. So, some pain for everybody. The link below has an executive summary of hte G6 plan, I haven't gone through it myself yet. Just wanted to put it out there for everybody.

Apparently some 40-50 senators are reacting favorably to it, but there's some question as to whether the GOP House members and some far left libs will go along. So far it sounds sensible to me though. I know some around here don't like FoxNews, but it's the only place I could find with the exec summary of the G6 plan. It's also got spending caps that can't be exceeded without a two-thirds majority vote.



Gang of Six Back Together - Trying to Score Debt Reduction Deal - FoxNews.com

 

[Wiseacre]

Her's a link straight to the exec summary:

http://thehill.com/images/stories/gangofsix_plan.pdf

 

[hellofromwarsaw]

OMG, some real STATESMEN!! Oh NOZ!! Compromise!! OMG!!!! GD TParty morons...

"I know some around here don't like FoxNews, but it's the only place I could find with the exec summary of the G6 plan."

Well that's a first....but NONE of the corprate News does anything to explain policy-witness health reform knowledge- they'll ALL about the controversy, trading talking points, ratings. Of course Fox is horriblest- their talking points are hateful Pub bs. Watch PBS, Network (incredibly terrified of loudmouth dittoheads. What happened to documentaries that explain POLICY or needless suffering?

 

[hellofromwarsaw]

By the way, foxbots, this is the name of the Pubs who were discussing health reform, until they were told to stfu and get back to goose stepping...

 

[Wiseacre]

Hey mods, might wanna merge all the threads on this topc into one.

 

[waltky]

Granny says Congress is more like the Gang dat couldn't shoot straight...

Obama lauds 'Gang of Six' debt plan
20 July`11 WASHINGTON — President Obama pinned his hopes on avoiding an unprecedented government default on a new bipartisan compromise Tuesday, praising a proposal by the Senate's "Gang of Six" that would raise the debt limit as part of a $3.7trillion package of spending cuts and tax changes.

But with the government set to run out of borrowed money in two weeks, the prospects of breaking the debt impasse remain uncertain. The Republican-led House of Representatives approved a competing plan Tuesday night that would tie an increase in the debt limit to congressional passage of a balanced budget amendment. Obama stopped short of endorsing the Gang of Six plan, saying he was still going over the details. "It would not match perfectly with some of the approaches that we've taken, but I think that we're in the same playing field," Obama said.

Treasury officials say Congress must raise the $14.3 trillion limit on government borrowing by Aug. 2, or the government risks default on its debt and a resulting economic collapse. Leaders of both parties say an increase should be tied to significant spending cuts, but the Republican House and Democratic Senate have been gridlocked over whether tax increases should be part of a corresponding deficit-reduction package. The Senate compromise got traction Tuesday with the return of Sen. Tom Coburn, R-Okla., to the bipartisan group he left in May. Coburn said the plan had improved recently, and predicted the Gang of Six would soon become a Gang of Sixty — the magic number to get any Senate plan past a filibuster.

Obama dubbed the effort the "Gang of Seven" after Sen. Lamar Alexander of Tennessee, the No. 3. Senate Republican, added his support. "I believe their recommendations are a serious bipartisan effort to stop Washington from spending money it doesn't have," Alexander said. The still-evolving Senate plan promises more than $3.6 trillion in deficit reduction over 10 years through a combination of spending cuts, changes to entitlement programs and a simplification of the tax code, according to a sketchy, five-page outline that was circulating Tuesday.

But so far, the plan is short on details. So the Gang of Six calls for a two-step process that would cut $500 billion immediately, and set up a process for future cuts with broad goals. Changes to Social Security would go on a separate track, but the plan calls for reductions in the cost-of-living increases after five years.

MORE

See also:

What 'Gang of Six' plan would do
July 19, 2011: It's hardly a done deal. And there's absolutely no guarantee the no-taxes-ever conservatives in the House will go for it.

But a debt-reduction framework put forward on Tuesday by the bipartisan Gang of Six in the Senate injected new hope that the ongoing stalemate in the debt ceiling negotiations might be broken. Before reviewing the specifics of the plan, President Obama gave it an early nod of approval. "The framework is broadly consistent with what we've been working on here in the White House and with the presentations that I've made to the leadership when they've come over here," he told reporters.

The Gang of Six plan got a positive reception from a bipartisan group of more than 40 senators earlier on Tuesday. "This is the moment because everybody sees the process drifting towards a kick-the-can down the road response, which is embarrassing," Sen. Joe Lieberman, an independent, told CNN's Ted Barrett. Deficit hawks were cautiously optimistic. "If enough lawmakers are willing to step up to the plate along with the Gang, it would renew our chances of getting a 'grand bargain' sufficient to reassure markets ... and to reassure the public that Washington is still fit to govern," said Maya MacGuineas, president of the Committee for a Responsible Federal Budget.

The two co-chairmen of Obama's debt commission -- Erskine Bowles and Alan Simpson -- concurred. "Pray for the Gang of Six," they said in a statement. The Gang's framework -- in the making for seven months and modeled on the Bowles-Simpson plan --calls for a two-step legislative process that would first reduce deficits by $500 billion and then implement a larger comprehensive debt-reduction plan.

According to an outline from Senate sources, the framework would:

Shave roughly $4 trillion off debt load:

 

[JoeB131]

Obama was just on TV talking about a plan to reduce the defict by 3.75 trillion over 10 years, put out by the G6. It has 1.2 trillion is new revenue from closing tax loopholes, some which goes to the defict and some to lowering tax rates. And it has 500 billion in immediate spending cuts, and also changes Soc Security and Medicare, and some hits to defense. So, some pain for everybody. The link below has an executive summary of hte G6 plan, I haven't gone through it myself yet. Just wanted to put it out there for everybody.

Apparently some 40-50 senators are reacting favorably to it, but there's some question as to whether the GOP House members and some far left libs will go along. So far it sounds sensible to me though. I know some around here don't like FoxNews, but it's the only place I could find with the exec summary of the G6 plan. It's also got spending caps that can't be exceeded without a two-thirds majority vote.

Gang of Six Back Together - Trying to Score Debt Reduction Deal - FoxNews.com

Well, it's something, I guess. I think it puts most of the pain beyond the 2012 election, which is what all sides really want.

I think we need to seriously reform everything we do in terms of government, and this is kind of just a band-aid.

 

[mudwhistle]

Obama was just on TV talking about a plan to reduce the defict by 3.75 trillion over 10 years, put out by the G6. It has 1.2 trillion is new revenue from closing tax loopholes, some which goes to the defict and some to lowering tax rates. And it has 500 billion in immediate spending cuts, and also changes Soc Security and Medicare, and some hits to defense. So, some pain for everybody. The link below has an executive summary of hte G6 plan, I haven't gone through it myself yet. Just wanted to put it out there for everybody.

Apparently some 40-50 senators are reacting favorably to it, but there's some question as to whether the GOP House members and some far left libs will go along. So far it sounds sensible to me though. I know some around here don't like FoxNews, but it's the only place I could find with the exec summary of the G6 plan. It's also got spending caps that can't be exceeded without a two-thirds majority vote.



Gang of Six Back Together - Trying to Score Debt Reduction Deal - FoxNews.com

Obama is like a blind man hanging onto an Elephant's tail.

Yesterday he even tried to take credit for the ideas the Gang of Six is hashing around.

He said in another press conference that they were using his ideas.

WTF does he need them for if they're his GD ideas???????

 

[CrusaderFrank]

Obama likes it so you know it's a bad plan

 

[editec]

Share the pain?

Okay, just as soon as we also start to more equitably share the wealth.

 

[mudwhistle]

Obama likes it so you know it's a bad plan

What Obama is doing is waiting around for someone to say something he likes then he claims it's his idea.

The Democrats are trying to redefine leadership.....like they do everything else.

Tax-increases are now called "Revenue".

Spreading the Wealth is now called "Shared Sacrifice".

And Leading from behind is now called "Leadership".

 

[LordBrownTrout]

Until congress can show over a ten year period that they can ACTUALLY cut the deficit and reduce the debt, taxes shouldn't even be in the discussion. I'm not in the mood to give more money for failed approachs.

 

[mudwhistle]

McConnell's plan B was to turn over the bebt-ceiling and the blame to Obama.

Obama loved that idea.

The Gang of Six puts off spending cuts till later in favor of closing loopholes and raising "revenue". Obama likes this because he can see an opportunity here. He can avoid the cuts simply by not addressing it......ever.

The "Cut, Cap, & Balance" or whatever they're calling it is a short term solution, but because it doesn't raise taxes Obama wants to ignore it or say it's not a plan. It goes to the Senate today. Sounds like an actual plan to me.

Seems whatever Obama likes is bad for the economy folks.

 

[mudwhistle]

The left wants to change the name of one of their favorite pasttimes.

They changed ACORN's name.

They changed terrorism's name.

This name seems to have taken on negative conotations.

Social Justice is now a dirty word like Communism and Tax-Increases have become.

Perhaps "Happy Happy Joy Joy" will work for them.