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Aug 3 2011
For Delaware's Democratic senators, the question of who should serve on the congressional supercommittee tasked with cutting deficits by an additional $1.5 trillion is partly answered: the group of senators known as the "Gang of Six."
Aug 3 2011
...That leaves room for six senators — three Republicans and three Democrats. How about the Senate’s Gang of Six that introduced a plan to reduce deficits by about $4 trillion over the next decade? That plan hit the target that ratings agencies have identified to avoid downgrading the U.S. credit rating. And it was balanced, with spending cuts and tax increases, though the tax hikes came from closing loopholes instead of raising rates.
Aug 2 2011
But, as it stands, it’s less of a deal than Americans had a right to expect half a year ago, after the bipartisan Simpson-Bowles deficit reduction commission laid out a basic plan that would have better protected the poor, maintained the middle class and demanded more of those who can most afford to pay more. Simpson-Bowles called for sacrifice from all Americans, but it was a fair and shared sacrifice. Now we’ve moved to targeted attacks on the suffering.
Aug 2 2011
The man who started the deficit-reduction drumbeat in Washington last year isn't thrilled with the package that's likely to win final approval in Congress today, but he'll take it as a down payment. Erskine Bowles, the Democrat who co-chaired President Obama's fiscal commission that recommended a 10-year, $4 trillion plan in December, told USA TODAY the compromise approved by the House Monday is just a start. "It's not a whole loaf. It's not half a loaf. It's a couple of slices," Bowles said. "This doesn't get us to the promised land, but it is a good first step."
Aug 2 2011
The bipartisan National Commission on Fiscal Responsibility and Reform, whose recommendations have been ignored so far, has called for spending cuts and tax increases. Also in play should be the work of the “Gang of Six,” another bipartisan panel that includes Sen. Dick Durbin of Illinois. The Gang of Six proposal includes spending cuts and a plan to reform the tax code. The momentum created by the debt ceiling debate and the work of these bipartisan panels cannot be wasted by the shrill partisans who only want their way. Compromise is not a dirty word. It’s how things get done in Washington and how things should get done in the future.
Aug 1 2011
The remainder of the $2.4 trillion in spending cuts is to be decided by a “supercommittee” of 12 lawmakers, with the House and Senate Democratic and Republican leaders choosing three members each. That panel could save itself a lot of time by dusting off last fall’s very thorough and very thoroughly overlooked copy of the Bowles-Simpson recommendations of deficit reduction.
Jul 31 2011
Well, if you are scared and, especially, confused by the polar-opposite partisan proposals to raise America's debt ceiling and lower its long-term debt ... and if you want to know how the nation might realistically really meet its fiscal challenges, here's my advice: Ask Erskine. And ask Alan.
Jul 30 2011
The plan with the most bipartisanship appears to be from the National Commission on Fiscal Responsibility and Reform, which was formed by President Obama to come up with a long-term fiscal solution, Manchin said. Also called the Bowles-Simpson commission for cochairmen Erskine Bowles and Alan Simpson, its plan became the so-called Gang of Six proposal..."It's the only thing I have seen that is bipartisan since I've been here," he said.
Jul 28 2011
Schwab's chief investment strategist Liz Ann Sonders is optimistic that some semblance of agreement between Republicans and Democrats will be reached by next Tuesday, and believes markets have been right not to heed panic of a default thus far...If it were up to Sonders, there is one plan floating out there she'd vote for, but no one is talking about. "I was quite impressed with the Simpson-Bowles recommendations," says Sonders, who sat on a bipartisan committee herself in 2005. "I thought it was an incredibly bold plan, but for a whole hosts of reasons it is not the plan now, but I think a plan like that would be cheered."
Jul 28 2011
Congress’s stalemate over raising the U.S. debt ceiling and long-term deficit reduction may destroy jobs and trigger another recession, Honeywell International Inc. (HON) Chief Executive Officer Dave Cote said. “For a bunch of people down there who spend all their time talking about job creation, they’re actively on a path to job destruction right now,” Cote, a member of President Barack Obama’s debt commission, said today in an interview. “There’s a very good chance it will plunge us back into that double-dip recession that everybody’s concerned about.”