Friday, April 29, 2011

Taxes and the Economy - #2855 - Senate's 'Gang of Six' Close to Revealing Budget Deal - Washington Examiner

While President Obama and Republican lawmakers squabble over how to cut spending in the 2012 budget, a bipartisan group of six senators is preparing to unveil their own proposal to reduce the nation's massive deficit soon after Congress returns from its two-week spring recess.  Senate Majority Whip Richard Durbin, D-Ill., a member of the so-called "Gang of Six," said Wednesday that the group is "very close" to announcing a deal. The plan would likely close the federal budget gap by both raising taxes and slashing spending on domestic programs and defense. Durbin confirmed Tuesday that entitlement spending is likely to be included in that formula, starting with Social Security, which he said will run out of money by 2037. In addition to Durbin, the Gang of Six includes Sens. Mark Warner, D-Va.; Kent Conrad, D-N.D.; Saxby Chambliss, R-Ga.; Tom Coburn, R-Okla.; and Mike Crapo, R-Idaho. Four of the senators served on Obama's debt commission, which last year proposed cutting $4 trillion from the budget and protecting Social Security by gradually raising the retirement age to 69. Warner, a former telecommunications executive who now serves on the Senate Budget Committee, told CBS News this week the proposal could raise taxes and cut spending. "We are going to make everybody mad with our approach," Warner said.  Read more.........  What a leader we have in Virginia's Mark Warner, let's raise taxes when people are out of a job, underwater in their mortgages, and paying ridiculous prices for gas, because of the irresponsible policies Obama and the Democrats in Congress have created for us.  See article below.  Please call and/or email your Senators to voice your opinion in this matter.   List of Senators and their contact information ...........

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