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.