Gang of Six Deficit Plan
6 stalwart U.S. senators delivered yesterday the outlines of an intelligent and ambitious deficit- reduction proposal. It is, as President Barack Obama succinctly explained, “good news” — at a time when some is needed.
The bipartisan “Gang of Six” plan takes the wise policy framework with the Bowles-Simpson fiscal-reform commission and turns it right into a workable package deal for that Senate to consider.
Although the plan’s particulars aren’t all apparent, the senators say it might minimize deficits by $500 billion right away and by $3.7 trillion more than 10 years. It might overhaul entitlements, in part by switching into a so-called chained buyer price index to calculate advantages.
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