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

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

    President Obama's hopes for a 'grand bargain' both to raise the debt ceiling and rein in the deficit got a boost Tuesday when the Senate's 'Gang of Six' proposed $3.7 trillion in deficit reductions.

    Speaking at the top of Tuesday’s regular White House briefing, the president called the senators' framework “broadly consistent” with his “balanced approach” of using both spending cuts and increased revenues to achieve major deficit reduction and thus secure congressional approval for raising the national debt ceiling. After Aug. 2, the government runs out of borrowing authority, and thus risks a potentially calamitous default.
    'Gang of Six' revives hope for big deal in stalled debt-ceiling talks - CSMonitor.com

    Looks like there might be a light at the end of the tunnel.

    Or it's a train.

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

    I saw this today on the news. This a very good sign, especially that it came out of a bipartisan committee.

    "The new plan came from the six senators who have been working on and off for months to find spending cuts and revenue increases that could win bipartisan support. They are Republican Sens. Tom Coburn of Oklahoma, Saxby Chambliss of Georgia, and Mike Crapo of Idaho and Democratic Sens. Richard Durbin of Illinois, Kent Conrad of North Dakota, and Mark Warner of Virginia.

    The Gang of Six effort eclipsed a planned vote this evening in the Republican-controlled House on a plan called “cut, cap, and balance.”


    Perhaps there is a glimmer of hope for real deficit reduction yet!
    Treat the earth well: it was not given to you by your parents, it was loaned to you by your children. We do not inherit the Earth from our Ancestors, we borrow it from our Children. ~ Ancient American Indian Proverb

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

    Odd isn't it. When people from opposite sides of the aisle actually sit down with one another and put everything on the table and come up with something that might actually work - and could actually happen.

    Who would think THAT would be a better idea than posturing, grandstanding, and saying you absolutely won't do something - period - no way.

    Heard a good quote today on the radio (and I'm paraphrasing): Ideology is about who you would like to be; Compromise is about who you are.

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

    the plan closes tax-loopholes, but actually LOWERS taxes on the rich....and yet still saves $1 trillion through these methods.

    It envisions tax changes that would reduce existing breaks for a number of popular items while reducing the top income bracket from the current 35 percent to 29 percent or less.

    Debt hope: Obama praises 'Gang of Six' plan - Yahoo! News

    someone wanna explain that to me?

    how are we increasing revenue by LOWERING taxes?
    Last edited by Thunder; 07-19-11 at 08:08 PM.

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

    Quote Originally Posted by Thunder View Post
    the plan closes tax-loopholes, but actually LOWERS taxes on the rich....and yet still saves $1 trillion through these methods.

    It envisions tax changes that would reduce existing breaks for a number of popular items while reducing the top income bracket from the current 35 percent to 29 percent or less.

    Debt hope: Obama praises 'Gang of Six' plan - Yahoo! News

    someone wanna explain that to me?
    I haven't seen the details, but it certainly implies there were some very large loopholes. And it's $1 trillion over the decade, which is only $100 Billion a year.

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

    It'll be a big grand plan that raises the debt ceiling, raises tax, cuts defense and in the end, only slows spending through the 2012 election with the "promise" of future cuts 10 years from now.

    It's called "Punting", and it happens every time the precipice of economic ruin comes into sight. We can only punt so many times before reality, like a gold brick wrapped in a lemon peel smashes our brains out.

    Only fools would get excited about this shell game theater of the "gang of six", for it will be an all show, no meat fix.
    Climate, changes. It takes a particularly uneducated population to buy into the idea that it's their fault climate is changing and further political solutions can fix it.



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

    Quote Originally Posted by FilmFestGuy View Post
    I haven't seen the details, but it certainly implies there were some very large loopholes. And it's $1 trillion over the decade, which is only $100 Billion a year.
    I guess........

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

    Quote Originally Posted by Thunder View Post
    the plan closes tax-loopholes, but actually LOWERS taxes on the rich....and yet still saves $1 trillion through these methods.

    It envisions tax changes that would reduce existing breaks for a number of popular items while reducing the top income bracket from the current 35 percent to 29 percent or less.

    Debt hope: Obama praises 'Gang of Six' plan - Yahoo! News

    someone wanna explain that to me?

    how are we increasing revenue by LOWERING taxes?
    It does away with AMT

    I don't see the democrats going back to the Reagan tax rates which this calls for.

    Also this is mostly the recommendations of the debt committee Obama had.

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

    So $1 trillion in higher taxes in addition to Obama Care, and $3.7 trillion in deficit reductions over 10 years. Are those tax increases spread over 10 years as well?

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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
    So $1 trillion in higher taxes in addition to Obama Care, and $3.7 trillion in deficit reductions over 10 years. Are those tax increases spread over 10 years as well?
    I see no tax increases I see more tax decrease. I think much is based on the repeal of AMT and the growth that tax decreases will generate

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