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Thread: 'Gang of Six' revives hope for big deal in stalled debt-ceiling talks

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    Re: 'Gang of Six' revives hope for big deal in stalled debt-ceiling talks

    More:

    What 'Gang of Six' budget framework would do - Jul. 19, 2011

    Cut spending: In the near-term, the Gang of Six framework would reduce $500 billion in debt over 10 years. While the plan is silent on the issue of raising the debt ceiling, that down payment presumably could be paired with an increase in the debt ceiling, which must be raised within two weeks.

    Down payment measures include imposing statutory discretionary spending caps through 2015, selling unused federal property and changing how cost-of-living adjustments to government payments and tax brackets are calculated. There would be some exceptions, such as postponing the formula change for Supplemental Security Income for five years and then phasing it in over the next five years. SSI goes to seniors and disabled people with very low incomes.

    The Gang of Six also would freeze congressional pay and repeal the CLASS Act, which is part of the 2010 health reform law. It was designed for seniors who need help with daily tasks such as bathing and dressing. The program was estimated to add to deficits in its second decade and beyond.

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    Re: 'Gang of Six' revives hope for big deal in stalled debt-ceiling talks

    Quote Originally Posted by donsutherland1 View Post
    This development is an indication that serious policy makers on both sides of the political aisle may be willing to work together in helping put the nation on a sustainable fiscal path.
    How so? It seems unlikely that either side will work together, or put the nation on a sustainable fiscal path.
    “In politics, stupidity is not a handicap.” -Napoleon

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    Re: 'Gang of Six' revives hope for big deal in stalled debt-ceiling talks

    Quote Originally Posted by evanescence View Post
    How so? It seems unlikely that either side will work together, or put the nation on a sustainable fiscal path.
    Looking good, though.

    The Gang of Six plan got a positive reception from a bipartisan group of more than 40 senators earlier on Tuesday.

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    Re: 'Gang of Six' revives hope for big deal in stalled debt-ceiling talks

    “This is more bipartisan,” Coburn says. “‘Cut, Cap and Balance’ would work, but the fact is, you need to get the votes for it.” He calls the “Gang of Six” plan a “good first step” and hopes conservatives recognize that the $500 billion in immediate spending cuts, plus the long-term $3.7 trillion in reductions, are “real” and “buy us time to work over the next three or four years” to enact deeper reforms.
    Coburn Rejoins Gang of Six - By Robert Costa - The Corner - National Review Online

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    Re: 'Gang of Six' revives hope for big deal in stalled debt-ceiling talks

    Quote Originally Posted by ptif219 View Post
    Obama has been doing that. You can not blame the GOP because Obama will not compromise
    Didn't the democrats reject Obama's budget proposal? It's very amusing actually; because the Republicans refuse to raise taxes, they're the ones who won't compromise. What compromise has come from the other side?
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    Re: 'Gang of Six' revives hope for big deal in stalled debt-ceiling talks

    6 senators push bipartisan plan to cut deficit - The Denver Post

    The tax reform outline would set up three income tax rates—a bottom rate of 8-12 percent; a middle rate of 14-22 percent; and a top rate of 23-29 percent—to replace the current system that has a bottom rate of 10 percent with five additional rates, topping out at 35 percent.

    It would reduce but not eliminate tax breaks on mortgage interest, higher-cost health plans, charitable deductions, retirement savings like individual retirement accounts and tax-free savings accounts known as 401(k)s and tax credits for families with children.

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    Re: 'Gang of Six' revives hope for big deal in stalled debt-ceiling talks

    Quote Originally Posted by Μολὼν λαβέ View Post
    Didn't the democrats reject Obama's budget proposal?
    No, it was replaced with Obama's proposal to cut $3 of spending for every $1 increase in revenues.
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    Re: 'Gang of Six' revives hope for big deal in stalled debt-ceiling talks

    Quote Originally Posted by ptif219 View Post
    Obama has been doing that. You can not blame the GOP because Obama will not compromise
    "Obama will not compromise"!!!!!

    I do not know what news you watch but........... oh wait ...... never mind.
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    Re: 'Gang of Six' revives hope for big deal in stalled debt-ceiling talks

    Quote Originally Posted by ptif219 View Post
    Obama has been doing that. You can not blame the GOP because Obama will not compromise
    The Democrats & Obama offered $4 trillion in spending cuts & tax-increases. GOP said "no".

    The GOP says "no" to any tax-increases OR closing tax-loopholes.

    who exactly, isn't willing to compromise?

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    Re: 'Gang of Six' revives hope for big deal in stalled debt-ceiling talks

    Quote Originally Posted by haymarket View Post
    "Obama will not compromise"!!!!!

    I do not know what news you watch but........... oh wait ...... never mind.
    Show me an Obama plan or where he is willing to compromise. It must have specific figures.

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