|
 |
 |
|
Videos: Gang of Six members tout deficit plan
Members of the Gang of Six were out today promoting their deficit-reduction proposal, which was announced Tuesday morning. President Obama offered measured support for the plan, saying it was broadly consistent with the approach he had urged.
Sen. Tom Coburn (R-Okla.), who had pulled out of the Gang of Six in May, rejoined the group to release the plan.
The senators made clear that "everything must be put on the table" in order for a deal to be reached.
About three-quarters of the deficit-reduction target would come from spending cuts, and 26 percent from raising new tax revenues, according to the plan’s authors.
The proposal, which leaves most decisions up to committees of jurisdiction, would call for raising more than $1 trillion in new tax revenues by ending special tax breaks and shelters, boosting the Democratic argument that revenues should be part of any grand deficit-reduction deal. It would be scored as a tax cut since it eliminates the alternative minimum tax, gang members said.
Click through to watch both Democratic and Republican members discuss their proposal.
Most Viewed RSS Feed »
