Gang of Six Plan
The Gang of Six plan is bipartisan plan that aims at solving the problem of deficit and avoiding debt ceiling. This plan has already received a nod by the current President of United States, Mr. Barak Obama.
The senators of the Gang of Six are Democrats – Dick Durbin, Kent Conrad and Mark Warner; and Republicans – Mike Crapo, Tom Coburn and Saxby Chambliss. This group is led by Mark Warner. However, the final proposal was eventually presented by only 5 senators on account of resignation of the senator, Tom Coburn. He quit because of a disagreement between him and the other senators on cutting the Social Security and Medicare. Coburn said, “The only way we get out of this problem is increasing revenues,”.
Mentioned below are the three documents that were presented as a part of the Gang of Six Plan.
1. Gang of Six Summary
2. Gang of Six Slides
3. Gang of Six Charts
The plan focuses at slashing the national deficit by $3.7 trillion/ $3.6 trillion over a period of 10 years as per Congressional Budget Office’s 2011 baseline or by slashing $4.65 trillion/ $4.55 trillion as per the original fiscal commission baseline. It also will aim at stabilizing the publicly-held debt by 2014 and reducing it to 70%, by 2021. Finally, the plan mentions to impose an unprecedented budget enforcement.
