Posted on 07/19/2011 12:33:18 PM PDT by bobsunshine
President Obama joined Democratic and Republican senators Tuesday in offering support for a $3.7 trillion deficit-reduction plan announced 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, also 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 its where we need to be and its a start, Coburn said. This doesnt solve our problems, but it creates the way forward where we can solve our problems.
(snip)
According to an executive summary, the Gang of Six plan would stabilize the debt by 2014 and reduce publicly held debt to 70 percent of gross domestic product by 2021.
It would involve two separate bills, one implementing $500 billion in immediate deficit cuts and another implementing larger reforms. Conrad said that he has held off marking up a budget in committee to use the normal budget process to move the Gang of Six plan.
On entitlements, the plan would fully pay for the Medicare doc fix over 10 years, allowing doctors to avoid a drastic cut in Medicare payments under the law which is regularly avoided but never paid for.
(Excerpt) Read more at thehill.com ...
The Congress cannot bind future Congresses to a plan. Just tell me how much you are going to cut NOW. That’s all I want to hear.
I hope I'm wrong however I read earlier today that it was an immediate 50 billion because the 500 billion is over a ten tear period.
Anything past 2 years you may as well right off because they won't stick to it.....they never do.
Joined a gang.
Considering that spending has grown over 25% in two years, this represents a cutback in the increase, and no more.
Israel is currently at 44% of GDP. Too bad we can't use the Israeli plan.
NO DEBT LIMIT INCREASE.. “IS” a temporary balanced budget agreement..
Read my lips: No New Revenues. Republicans sign this, they will be removed from office by their constituents in the primaries: period!
They are saying the Cut part of the House Cut/Cap/Balance plan is $111 billion for the new fiscal year.
Is anyone else getting the feeling that these various “plans” are being floated out like trial balloons to determine the public’s reaction?
For the last couple weeks, we’ve had rumors of plans coming out of the debt ceiling negotiations. Then over the weekend, we had McConnell’s plan. That must have been received with a resounding thud because today it’s all about the Gang of Six. I wonder what tomorrow’s plan will be?
This doesnt solve our problems, but it creates the way forward where we can solve our problems.
Obviously, Doctor Coburn has forgotten the Hippocratic Oath to do no wrong.
UNLESS...
Tax reductions are made in a 4:1 ratio to the contemporary debt ceiling. Four dollars reduction fo ever dollar of increased ceiling concurrently.
Not reduced increases in deficits. Actual dollar amount reductions.
No more smoke and mirrors.
I hope someone will answer the following questions:
1) We’re now $14.2 trillion in debt. How much are they plan on raising it?
2) If they cut the debt by $500 billion wouldn’t that leave us $13.7 Trillion in debt?
3) If they raise $1 Trillion in “revenue” wouldn’t that leave us $12.7 Trillion in debt? So why would the debt limit need to be raised?
4) We supposedly will be out of cash on August 3rd. If the debt limit is raised is China standing there with a check already made out?
5) Couldn’t they charge whatever interest they want? It would be like going to a bank and getting approval for a loan before telling the bank how much you want to borrow and not asking the bank what the interest will be?
Do politicians not understand simple math? Or is it they KNOW most Americans can’t add 2+2?
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