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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.

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