‘Gang of Six’ Plan Gathers Steam
ST. LOUIS, Mo. (KMOX) - A member of the Senate’s Gang of Six says their deficit reduction plan has support, but needs more time.
Senator Dick Durbin (D-Ill.) says the plan has received a positive response from many Senators on both sides of the aisle. However, he says it is only in its beginning stages, and requires a temporary increase in the debt ceiling until it is developed into a votable bill.
The bi-partisan plan has received criticism from some members of both parties, with Republicans claiming it includes too much in tax increases and Democrats claiming it’s program cuts are too severe. The proposed plan would reduce the deficit by nearly $4 trillion through spending cuts and tax increases.
“This debt is serious, we ought to take it seriously,” Durbin told KMOX this morning. “It involves not only spending cuts, but it involves putting everything – underline the word everything – on the table.”
The White House has slightly shifted on the debt ceiling, now saying it will back a short-term extension of the debt limit, but only if a long-term agreement is essentially in place.
Durbin says he believes the public would accept the plan because most people just want to get the economy back on track, and will appreciate an honest and balanced approach – with the focus on balanced.
“There’s no other way to reach deficit reduction in a meaningful way,” Durban said. “If you take it all out of one thing or the other, it doesn’t have lift. It isn’t going to work at all on a political basis.”
Negotiations continue on a debt ceiling deal as the Aug. 2 deadline approaches.
Copyright KMOX Radio.