Posts tagged: Gang of 6
Does any serious person believe the United States should cease or delay paying its debts? Social Security? Military retirement? Only in Washington, D.C., where extremists in both parties torpedoed a bipartisan agreement between President Barack Obama and Republican House Speaker John Boehner to cut the deficit over 10 years by $4 trillion by slashing government spending, reforming entitlements and closing tax loopholes while simultaneously reducing federal tax rates. Sensible Republican House leaders who understand the need for compromise, including my former colleague, Mike Simpson, were unable to sell this agreement to their tea party base because it closed some of the most egregious tax loopholes like those which enable hedge fund billionaires and General Electric to pay little or no taxes on their annual earnings/Walt Minnick, Idaho Statesman guest column. More here.
Question: Who will blink?
CHEERS … to U.S. Sen. Mike Crapo, R-Idaho. Along with “Gang of Six” Republicans Saxby Chambliss of Georgia and Tom Coburn of Oklahoma, and Democrats Dick Durbin of Illinois, Mark Warner of Virginia and Ken Conrad of North Dakota, Crapo struck a budget deal to shave nearly $4 trillion in deficits - $3 trillion in spending cuts and $1 trillion in repealed tax subsidies on such things as mortgage interest and tax credits for families with children. Shared sacrifice may secure enough Republicans and Democrats to pass something, but it buys the enmity of anti-tax extremists. Expect the rigid right to inflict some pain on Crapo before it's over/Marty Trillhaase, Lewiston Tribune. More here.
Question: With the rejection of House Republicans' “cut, cap, & balance' legislation by the U.S. Senate this morning, is it time for warring parties to get behind the Gang of Six proposal?