Gang of 6 deficit effort gains momentum

[flamingdem]

http://news.yahoo.com/gang-6-deficit-effort-gains-momentum-150518544.html

WASHINGTON (AP) — Leaders of a bipartisan "Gang of Six" senators said Tuesday that they're nearing agreement on a major plan to cut the deficit by more than $4 trillion over the coming decade in what could be a bold entry into a debate on the deficit long bogged-down by bitter partisanship.

The Gang of Six plan is separate from a politically freighted effort to lift the nation's borrowing cap and avoid a first-ever default on U.S. obligations. President Barack Obama and Capitol Hill Republicans, however, have failed to reach an accord on what kind of spending cuts to pair with any increase in the borrowing cap as the government teeters toward a possible default in two weeks.

The group has been laboring for months in an up-and-down effort to reach an agreement that largely mirrors the work of President Barack Obama's fiscal panel, which proposed $4 trillion in cuts over a decade. The fiscal commission plan won positive reviews from many lawmakers but its plan failed to win a vote in Congress.

The Gang of Six plan calls for an immediate $500 billion "down payment" on cutting the deficit as the starting point toward cuts of more than $4 trillion over the coming decade that would be finalized in a second piece of legislation.

The idea is that a bipartisan plan would gain critical mass in the Senate, powered by the endorsement of conservatives like Coburn and liberals like Dick Durbin of Illinois, the No. 2 Democrat in the Senate and a member of the group. SNIP

[cyberpj]

1. President on MSNBC right now talking about this.

He sounds encouraged.

[cyberpj]

2. Are the gang of 6 known?

[izquierdista]

4. Only by analogy

The Gang of Four (simplified Chinese: 四人帮; traditional Chinese: 四人幫; pinyin: Sìrén bāng) was the name given to a political faction composed of four Chinese Communist Party officials. They came to prominence during the Cultural Revolution (1966–76) and were subsequently charged with a series of treasonous crimes. The members consisted of Jiang Qing, Mao Zedong's last wife as the leading figure of the group, and her close associates Zhang Chunqiao, Yao Wenyuan, and Wang Hongwen.

Whatever they are cooking up, I'm sure it's not for the benefit of Mr.& Mrs. Middle America.

[AtomicKitten]

3. Nothing about the Bush tax cuts, nothing about oil & gas subsidies.

Goddammit! Where's the shared sacrifice?

:banghead:

[JuniperLea]

5. We don't have the details yet...

I'm holding off until we do.

[AtomicKitten]

6. Have I mentioned I despise the GOP with the fire of a thousand suns?

I should know better by now not to jump to conclusions. LOL. Thanks for illuminating the landing strip down to earth.

:hi:

[JuniperLea]

8. You are so stinking precious!

:hi:

:hug:

Yeah, it's hard not to follow the anger sometimes. Really hard.

[Cali_Democrat]

9. Your initial reaction was appropriate. n/t

[polmaven]

10. LOL!

No one could EVER have imagined that you felt any dislike toward the GOP!
Me too, by the way.

:fistbump:

[woolldog]

11. Just saw a summary of the gang of 6 proposal

on cnbc.

Lower marginal rates

immediate down payment on reduced spending

don't remember the other stuff, but you're not gonna be happy when it comes out. It's bad news.

[flpoljunkie]

7. An 'immediate $500 billion down payment on cutting the deficit' would bring an immediate depression-

which is just what the Norquist/Rove Republican party ordered--to defeat Barack Obama in 2012. Are the Democrats on this committee insane--or are they enablers to the Republicans' plan to defeat President Obama?

[DCBob]

12. Why?? Heck 500B seems insignificant compared to the enormous numbers being thrown around lately.

I think this deal might just be the one. The timing is right.. i.e. no time left... and it sounds like a reasonable compromise. Obama seems to like it.

[flpoljunkie]

13. $500 billion's huge- though, apparently the $500 billion spending cuts would be made over 10 years.

That's a considerable improvement, but as Nancy Pelosi said recently, 'The devil's in the dirty details.'

[cyberpj]

14. I can't stop thinking about a remark or a bumpersticker I saw here. We're all Republicans now. nt

[Fearless]

15. Bye Mr. President... I need to go chase my Social Security... don't call me, I'll call you...

...as if.

[Fearless]

16. A link to the speech... for all you "he didn't say that" people.

http://www.msnbc.msn.com/id/43807163/ns/politics-capitol_hill/