Is This The Debt Ceiling Deal?

Gang of Six

Photo: AP/File

A summary of the “Gang of Six” plan is available below, via Political Wire.Sen. Tom Coburn (R-OK) rejoined the “Gang of Six” Tuesday, as the bipartisan group released a $3.6 trillion deficit reduction plan.

The plan includes cuts to Medicare, and includes $1 trillion in new revenues over the next 10 years, according to POLITICO. Senators say the proposal would result in a net tax decrease, because the Alternative Minimum Tax would be repealed.

The “Gang of Six” presented the plan to a group of 43 senators this morning, who reportedly applauded once Coburn announced he was “back” in the group, after quitting it in May.

Sen. Kay Bailey Hutchison (R-TX) said the proposal would get a majority of Senate votes, and encouraged the House to consider the plan.

“Likely 60,” she told The Hill. “The House should like this plan because it has spending cuts and I believe it will spur the economy.”

“There’s a lot of support for turning the gang into a mob,” added Sen. Mark Udall (D-CO).

President Barack Obama has called for more substantial cuts than the $1.5 trillion proposed by Senate Minority Leader Mitch McConnell (R-KY) and Senate Minority Leader Harry Reid (D-NV) in their “last-ditch” proposal. He said he wants a “big deal,” but barring a cuts greater than $4 trillion, would accept a smaller one with that still has revenue increase.

House Republicans say they will not consider any legislation to raise the debt limit that includes new revenues.

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