While lawmakers continued to beat their brains over how much spending is to be shaved next seven months, a few senators were trying to concentrate upon the next several decades, as they think it belongs there. Republican Sen. Mike Crapo was speaking at the launch of the Moment of Truth project on Capitol Hill, designed to give impetus to a bipartisan plan to the debt reduction. He's member of a small group of senators - three Republicans and three Democrats, known as the "Gang of 6" - attempting to craft legislation to that end.
The Proposal Of Comission - Cut $4 trillion In DebtThe starting point of the group is the plan presented by Obama's debt commission last December, which was presided over former Republican Sen. Alan Simpson and White House chief of staff under President Clinton Erskine Bowles. The proposal of commission would cut $4 trillion in debt over a decade. It would put limit on revenue and spending, improve the tax code by disposal most tax breaks and lowering rates, reduce health care and defense spending and make Social Security solvent up to the next 75 years.
Fix Social Security NowCrapo voted for its report, he said on Tuesday, that no one liked the plan, but the 61% who signed on to it coincided that approving a complete long-term plan would make more help for the economy growth by inspiration investor and business trust that any one part of the plan could hurt or help the economy. Another panel member, Dave Cote, said that it'll be up to this Congress to step up and defend the country from a financial crisis that could be even worse that the fiscal crisis in 2008.
Bipartisan Assistance Is RequiredBond investors could start demanding higher interest rates without warning if they lose confidence that the US will rein in its debt. A spike in rates would make consumer loans and payday advances more expensive in turn and hurt the economy and jobs. But proactively working for the country will require bipartisan assistance - not just from lawmakers, but from business leaders and the public, said another member of the Gang of 6, Democratic Sen. Mark Warner. Fulfilling this political wish is evidently the hardest task facing the lawmakers.
The No. 2 Democrat in the Senate Dick Durbin noted that there are still heavily held thoughts among members about what to incorporate in the legislation. And he conceded that the group can fail in its efforts, taking into account how hard it will be to get 60 votes of support in the Senate. But if they don't succeed, Durbin said, apart from a crisis he's not sure when the next opportunity for bipartisan agreement will come.