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.
Democrats:
• 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.
Republicans:
• 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.

Related articles

• Gang of six rolls out debt proposal (politicalticker.blogs.cnn.com)
• Gang of Six talks heat up as White House debt-limit talks melt down (thehill.com)
• U.S. Senate group offers $3.75-trillion deficit cuts (calgaryherald.com)
• Gang of 6 deficit effort gains momentum - Houston Chronicle (news.google.com)

House Approves "Cut, Cap, and Balance Act"

Rep. Michele Bachmann

The House on Tuesday approved the "Cut, Cap and Balance Act", a bill that would require that any move to raise the country’s debt ceiling be accompanied by sweeping spending cuts, statutory caps on spending as a share of GDP and congressional passage of a balanced budget amendment.
The largely symbolic measure, which passed the House, 234 to 190, has little chance of passing the Democratic-controlled Senate.

Here’s a closer look at how Tuesday night’s vote broke down:

Shutting Down Minnesota-What Will It Cost?

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Minnesota State Capital

With the State of Minnesota shut down some think calculating the cost of the shutdown is not exactly pressing business.
 
However, there are some statistics we can use to help gauge the cost of the crisis. Due to lack of compliance officers, for instance, the Department of Revenue loses $52 million in taxes for every month the government is closed. The state is also losing $1.25 million a day in lottery sales. The Department of Transportation is forfeiting between $40,000 and $50,000 a week from uncollected MnPass tolls. In the first week, the state will lose $80,000 from the closure of Giants Ridge golf course and convention center. State park closures are costing the state an estimated $200,000 a day.

Bi Partisian Compromise on Debt Ceiling Emerges

With just two weeks to avert a catastrophic debt default, top US senators forged ahead Monday with a bipartisan compromise effort as the White House's Republican foes set up symbolic votes on an austerity plan.

The blueprint, described last week by aides who warned it was still in flux, would effectively let Obama raise the debt ceiling with just Democratic votes while letting Republicans oppose the move with political but few practical consequences.

Obama Selects Corday to Head Consumer Agency

President Barack Obama on Sunday chose former Ohio Attorney General Richard Cordray as his nomination to head the new agency charged with protecting U.S. consumers from abusive mortgage lending practices and hidden credit card fees. The announcement means Obama has passed over Elizabeth Warren, the firebrand law professor who envisioned the bureau.

The pick allows Obama to sidestep some of the controversy he would have faced had he nominated Warren, who is credited with conceiving the idea for the new consumer agency but is viewed by many on Wall Street as a foe.  Corday is a strong ally of Warren and she supports his nomination. The president is still likely to face a big fight with Republicans on the pick of Cordray, who has a record of cracking down on the financial industry. His selection requires Senate confirmation.

Related articles

• Obama picks ex-Ohio AG to lead consumer agency - BusinessWeek (news.google.com)
• Obama to nominate Cordray to head new consumer protection bureau (cnn.com)
• Richard Cordray To Lead Consumer Financial Protection Bureau (huffingtonpost.com)

Brother of Afgan President Karzai Assassinated

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The powerful half-brother of Afghan President Hamid Karzai was shot dead in his home on Tuesday by a close family associate, according to officials.

Initial reports suggested that Ahmed Wali Karzai, the provincial council chairman for Kandahar, was killed by one of his bodyguards, but witnesses now say that he was shot at close range by Sardar Mohammed, a commander of security posts at a town just south of Kandahar who was said to be a regular visitor to Karzai's residence in city.

Book Claims Obama Lied About Mother's Health Coverage

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 The subject of an Obama campaign ad in 2008 is facing critical scrutiny in a new biography of Obama's mother, which reports Dunham actually did have health coverage for most of her bills when she died of cancer in 1995.

In "A Singular Woman: The Untold Story of Barack Obama's Mother," author Janny Scott writes that an employer-sponsored health insurance plan paid for all of Dunham's medical bills, except for her deductible and some "uncovered" medical expenses that added up to "several hundred dollars a month." According to Scott,