A bipartisan group of U.S. senators on Tuesday revived an ambitious budget plan that could provide new ideas for breaking the impasse in Congress over raising the nation’s credit limit by August 2.
President Barack Obama threw his support behind the proposal by the “Gang of Six” senators, saying it was broadly consistent with his approach on reducing debt and deficits.
Obama urged Senate Majority Leader Harry Reid, a fellow Democrat, and Senate Republican leader Mitch McConnell to start “talking turkey” about it.
via Senate group offers $3.75 trillion deficit cuts | Reuters.
TAL Commentary: The unstated assumption in this article is that some sort of deal absolutely must be reached so we can increase the debt ceiling. This proposal includes tax increases, so it is DOA for tea partiers anyway. But the very idea that we have to increase the debt ceiling is just another manufactured crisis we’re supposed to get freaked out about. “We’re in debt, so we have to borrow more.” Why would any rational human buy that argument?