From Accounting Today:
- A bipartisan group of senators that has been meeting on and off for months to hammer out a budget deficit reduction plan appears to have reunited and gained support on both sides of the aisle for a plan to reduce the budget deficit by $3.7 trillion over 10 years.
“The good news is that today a group of senators, the Gang of Six, Democrats and Republicans — I guess now Gang of Seven, because one additional Republican senator added on— put forward a proposal that is broadly consistent with the approach that I’ve urged,” said Obama. “What it says is we’ve got to be serious about reducing discretionary spending both in domestic spending and defense; we’ve got to be serious about tackling health care spending and entitlements in a serious way; and we’ve got to have some additional revenue so that we have an approach in which there is shared sacrifice and everybody is giving up something.”
Just who the hell is “everybody,” Comrade?
Congressman Paul Ryan, himself the author of an actual budget plan, tells us why Obama likes the Gang of Six. From the Weekly Standard, Ryan’s analysis of the Gang of Six Plan:
- The plan claims to increase revenues by $1.2 trillion relative to a “plausible baseline.” It also claims to provide $1.5 trillion in tax relief relative to the CBO March baseline. The CBO baseline assumes the expiration of tax relief, resulting in a $3.5 trillion revenue increase. As a result, the plan appears to include a $2 trillion revenue increase relative to a current policy baseline. If the $800 billion in tax increases from the new health care law are included, the plan appears to increase revenues by $2.8 trillion, without addressing unsustainable health care spending that is driving our debt problems.
Hmmmmmmm. So, the Gang of Six Plan reduces the deficit by $3.7 Trillion over ten years and does so by increasing revenues (TAXES) by $2.8 Trillion? No wonder Obama likes it so much. BTW, our own Senator Mark Warner is a member of this Gang.