Agricultural News
Gang of Six Working on Deficit Cut
Mon, 02 May 2011 17:26:40 CDT
In the U.S. Senate, the Gang of Six, three Democrats and three Republicans -- including Sen. Tom Coburn (R-OK), continue to work on a proposal that would cut the U.S. deficit by about 4-trillion dollars over 10-years. It would all happen with spending cuts, a tax-code overhaul, and reductions in the interest the U.S. would have to pay on its debt.
A key element to the plan would give Congress a specific window of time to make deficit-cutting changes. It would lock in a commitment to reach the goal but give lawmakers time to decide how best to do it. For the Senators, one option would be a set of deficit-reduction targets, based in part on proposals made last year by Mr. Obama's debt commission. If Congress doesn't meet the targets, automatic spending cuts would kick in.
When it comes to taxes, the gang could suggest a new scale for tax rates. How low those tax rates eventually go would depend on how many tax breaks get stripped out of the code.
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