The "Gang of Six" PlanJuly 20, 2011 - by Donny Shaw
It’s still unclear just how viable the “Gang of Six” deficit and debt package is. On a logistical level, Senate Majority Leader Sen. Harry Reid [D, NV] said yesterday that the lack of actual legislative language and an official budget score from the CBO means there might not be enough time to get it through Congress before the August 2th deadline. On a political level, it’s unlikely the House would bite. It looks to be basically similar to the Biden plan that House Republican leaders rejected several weeks ago because of the level of revenue raisers involved. Still, there are reaons to take it seriously. It is bipartisan to some extent, public pressure to strike a deal is increasing as the deadline approaches, and ratings agencies are now threatening to downgrade U.S. debt if Congress goes with the other potential compromise on the table, Reid-McConnell. Those factors make it absolutely worth taking a close look.
Because there is no bill yet, and no online source for information about the plan, I’m embedding a copy of the PDF from Scribdb. It’s a bit lengthy and a little wonky in tone, but this whole debt and deficit debate is basically embodying the tense political moment we find ourselves in, and it’s going to have a huge effect on our economy and our politics for decades to come. So please do take the time to read it through and let us know what you think in the comments.