"Gang of Six" Reunites, Proposes Plan for Deficit Reduction

The so-called "Gang of Six" reunited this morning and presented their plan for deficit reduction to a crowd of approximately 50 Senators.  While specific details of the agreement have not been released to the general public, initial reactions from Senators in attendance indicate wide-ranging support for the agreement.  Reports have stated that the deal, totaling $3.6 trillion over 10 years, would include closing certain tax loopholes and recalculating rates in addition to cuts to current programs.  The deal was characterized as 26 percent revenue increase and 74 percent spending cuts.  Early information shows a compromise that includes $116 billion in cuts to health care. The released information, however, does not include the specifics of where these cuts would be made.  In comparison, the Boehner-Cantor proposal presented at the White House early last week would cut $340 billion in health care programs in the next ten years. Members of the group have stated that this compromise is not intended to be a solution for the looming debt ceiling issue, rather a long-term solution to large budget deficits and debt.  Nonetheless, members of the group remain open to using this agreement as a vehicle for increasing the debt ceiling if leaders of both parties so choose. Because we don't know the details of the health care cuts included in this proposal, it is critical that we keep our message to Capitol Hill strong.  To find out how to contact your member of Congress, visit NHRA's homepage by clicking here. NRHA will continue to update this blog as additional information becomes available.  If you have questions about this information, please contact David Lee at [email protected].