Tuesday, July 19, 2011

New Senate Deficit Plan - #3090 - Obama Backs New Senate Debt Plan - Wall Street Journal (2) Coburn Rejoins Gang of Six, Backs 3.7T Plan - Hot Air

President Barack Obama on Tuesday backed a $3.7 trillion deficit-reduction plan after it gained fresh momentum from a bipartisan group in the Senate. Mr. Obama, speaking at a White House press briefing, praised the deficit-reduction proposal as "a very significant step" and said there's been progress generally in the protracted deficit discussions. He asked congressional leaders to begin crafting a final plan Wednesday........Central parts of the plan would: • Impose immediate spending cuts and caps that reduce the deficit by $500 billion over 10 years. • Make changes to Social Security to make the program solvent over 75 years. • Direct key congressional committees to find specific levels of deficit-reduction within their areas of jurisdiction. If the committees fail, then five Democratic and five Republican senators would be able to offer their own deficit-reduction plan as a replacement. Messrs. Warner and Chambliss said they asked the other lawmakers at the meeting to report back to them within 24 hours with any feedback, and several lawmakers said the group had already begun drafting legislation. Read entire article......  IF OBAMA LIKES THIS PLAN, IT MUST BE BAD FOR CONSERVATIVES.  SUPPORT HOUSE PLAN.

Coburn ReJoins Gang of Six, Backs 3.6 T Plan - Hot Air - Could the focus of debt-ceiling drama shift to the Senate? Just one day after Tom Coburn laid out his $9 trillion plan to address the deficit, he has rejoined the Gang of Six and endorsed their new plan calling for $3.7 trillion in deficit reduction. It includes new tax revenue, but it presents a net reduction thanks to the elimination of the AMT: Democratic and Republican senators are rallying behind a $3.7 trillion deficit reduction plan unveiled Tuesday morning by the five remaining members of the Gang of Six. Sen. Tom Coburn (R-Okla.), who pulled out of the Gang of Six in May, has rejoined the group and praised the plan as something that could win the 60 votes needed to pass the Senate. “The plan has moved significantly and it’s where we need to be and it’s a start,” Coburn said. “This doesn’t solve our problems but it creates the way forward where we can solve our problems.” The plan includes increased tax revenues, but Coburn says that the CBO would score it as a net tax cut:
Coburn, however, noted the Congressional Budget Office would score the plan as a $1.5 trillion tax cut because it would eliminate the Alternative Minimum Tax. It would generate a significant amount of revenue out of tax reform and reduction of tax rates, which authors believe would spur economic growth.  Read more.......

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