Wednesday, July 20, 2011

Meet the "Gang of Six"

The so-called Gang of Six is a bipartisan group of three Democrats and three Republican senators tasked with drafting a realistic proposal to reduce the nation's debt and rein in the deficit that can pass the Congress and avoid President Obama's veto pen. Here's a breakdown of the gang members.
• North Dakota Sen. Kent Conrad, chairman of the Senate Budget Committee.
• Illinois Sen. Dick Durbin, Senate Majority Whip
• Virginia Sen. Mark Warner, member of the Senate Budget Committee.
• Georgia Sen. Saxby Chambliss, member of the Senate Committee on Agriculture, Nutrition and Forestry.
• Idaho Sen. Mike Crapo, member of the Senate Budget Committee.
• Oklahoma Sen. Tom Coburn, member of the Senate Finance Committee.

Their Proposal
The group has outlined a plan to cut spending by $3.7 trillion over the next decade that includes a major overhaul of the tax code and alterations to the way the federal government pays for Social Security and Medicare. By eliminating loopholes and write-offs in the tax code, the proposal would beef up the Treasury's coffers by more than $1 trillion, gang members say.
Also, the plan would immediately reduce the marginal income tax rate, abolish the alternative minimum tax, create an entirely new set of tax brackets and slash $80 billion from defense.
The group unveiled the plan's details for the first time this week.
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