Gang of Six in the Senate: Mark Warner of Virginia, Mike Crapo of Idaho, Tom Coburn of Oklahoma, Saxby Chambliss of Georgia, Kent Conrad of North Dakota, and Dick Durbin of Illinois.
The so-called Gang of Six in the Senate (Mark Warner of Virginia, Mike Crapo of Idaho, Tom Coburn of Oklahoma, Saxby Chambliss of Georgia, Kent Conrad of North Dakota, and Dick Durbin of Illinois) has come up with a last minute plan to cut the deficit and resolve the debt ceiling crisis. Obama responded positively but the plan is already being criticized as coming too late and being too vague and risky. There might not even be enough time for the Congressional Budget Office to score the plan before the August 2nd deadline. Additionally, the plan is pretty short on details of how the savings would be achieved. Finally, the plan imposes spending caps that require a two thirds vote to override. That might present a problem if the country slips back into a recession since it would be difficult, or maybe impossible, to get legislation passed to stimulate the economy with a two thirds vote requirement. Some people are saying such a situation would almost guarantee any new recession might become a depression. My bet is that this plan comes too late, is too vague, is too risky and therefore is DOA. We’ll see.
See summary of plan here: http://big.assets.huffingtonpost.com/gangofsix.pdf
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