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'Gang of six' close to deficit reduction proposal
- By Clifford Marks
- March 8, 2011
- Comments
A bipartisan "gang of six" led by Sens. Mark Warner, D-Va., and Saxby Chambliss, R-Ga., is close to finishing a deficit-reduction plan similar to the one proposed by Alan Simpson and Erskine Bowles, the co-chairs of President Obama's deficit-reduction panel, the Wall Street Journal reports.
The group is planning to hit the road soon to drum up public support for their proposal, as Simpson and Bowles themselves are helping launch a separate "Moment of Truth" campaign to focus public attention on long-term budgetary issues.
Warner and Saxby told a group of business leaders in Richmond that their plan would slash the federal deficit by $4 trillion over the course of a decade. President Obama's recent budget proposal would cut the deficit by $1.1 trillion over 10 years.
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