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The "Gang of Six" Plan

July 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.

“Gang of SIx” Plan Executive Summary

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Comments

rsimonea 07/20/2011 9:47pm

This is a thoughtful article. However it may also be covered from another angle. Can you please provide the PAC funding sources for the “Gang of Six”? There is something more important to them than public interests that is motivating these folks. If we follow the money I am sure the answer is there. The middle class, American Democracy or the “budget crisis” are really not the issues here. This is pure political maneuvering and there is an underlying political reason. On the face of it, it looks like small businesses and what is left fo the middle class will take the biggest hits. Finally the hearing need to be made public. What is also missing from all of these discussion is the ability to compete in the Global marketplace and what is being done to crate jobs. The debate should be how to lower the debt but keep in place those programs that help create jobs and support small to medium size companies. Multi-national are pretty much all set.

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fashion136 04/12/2012 2:44am

Lack of actual legislative China led spotlight
language and the official budget, in this case, the “Gang of Six” Plan can continue?Very much looking forward to the follow-up of this topic.

fashion136 04/12/2012 2:43am

Lack of actual legislative language and the official budget, in this case, the “Gang of Six” Plan can continue?Very much looking forward to the follow-up of this topic. pellet mill business plan

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fashion136 04/12/2012 2:44am

Lack of actual legislative language and the official budget, in this case, the “Gang of Six” Plan can continue? Very much looking forward to the follow-up of this topic.

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