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Obama Encourages New Deficit Plan Out of the Senate

President Obama reacted positively to a deal by the bipartisan Senate “Gang of Six” that has been negotiating an agreement for months, saying it included the kind of framework that he might accept.

Senators from both Parties appear to be falling in line behind the plan, though the big question mark is whether it could get enough Republican support to pass the House.

The plan gained a major victory when conservative deficit hawk Sen. Tom Coburn (R-Okla.) rejoined the Gang of Six after quitting this spring, and the group gained a new member – apparently Sen. Lamar Alexander (R-Tenn.), a member of the GOP leadership whose presence apparently now makes it the Gang of Seven.

The group is distinct from a separate assembly of House and Senate lawmakers who have been negotiating with Vice President Biden.

The plan would decrease the deficit by about $3.7 trillion over the next ten years, with spending cuts but also include about $1 trillion in new taxes.

But in a possible lure  for House Republicans, the proposal would in total be scored as a $1.5 trillion tax decrease because it would eliminate the alternative minimum tax, according to early reports. It’s not clear to me why this would not cause President Obama to walk away, or how you get to $3.7 trillion in cuts with a $1.5 trillion tax decrease.

Obama, who appeared it the White House briefing room, said lawmakers would begin the resume their trips to the White House to negotiate off the the Group of Six plan.

I will update as further information comes in.

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26 Responses to Obama Encourages New Deficit Plan Out of the Senate

    • Obamotosis: a chronic nausea followed with pain to one’s abdominal area which occurs instantaneously upon hearing, reading or seeing a word or action from POTUS (aka. barak hussein obama) . Other symptoms can include constipation, blurred vision,elevated heart rate, shrinking bank account due to new taxes & fees, some sufferers report a morning feeling of “living in hell” since the progressive occupation has emerged,
      throwing heavy projectiles at his appearance on TV,and constantly searching for someone to fill the leadership vacuum created by his WH siege.
      The only known cure for this affliction is to rid this Vermin & his minions from public office through electoral process.
      Until then, find a support group of other sufferers at various blogs.
      White House Dossier by Ken Koffler is a great place to start.
      And hang on ! 2012 is getting oh so nearer !

      • Yours is the best description of the disease and symptoms I’ve seen ol’gator. Like your cure as well. Looks like quite a few of his minions in the Republican Party are making themselves known. We’ve got a lot of vermin to clear out in 2012.

          • 111? That’s just another summer day in Phoenix.
            Our weather wonks don’t call it “hot” until it’s over 112.

            Of course, we run from our air-conditioned homes into our air-conditioned vehicles into our air-conditioned venues. We like to call it a “dry heat”, sort of like H*ll must be.

          • I remember once Walmart had a sign that said–do not touch door handle because of heat. In other words–do not go in Walmart. They got auto doors soon after.

  1. “they” say Pres. Obama went to Columbia & Harvard Law… I wonder what type of “ECONOMICS” classes he took?

    (granted NO ONE is allowed to see/ask about Obama’s “college records” from Columbia or Harvard Law… re: Obama’s records, transcripts, GPA or papers…)

  2. How can “conservative” Republicans even consider a plan that raises taxes $1 Trilion????? We are taxed up the ying yang and they still want more????? STOP SPENDING! GIVE BREAKS TO LARGE AND SMALL BUSINESS SO THEY CAN HIRE AMERICANS!! This whole group in DC has lost its mind and is so out of touch with reality. Un-freakin-believable!

    • TOTALLY out of touch. The Politicos are their own class and think of nothing other than getting re-elected. And because we are such fools, we DO re-elect them!

  3. A trillion tax increase and a trillion and a half tax decrease but raise the debt ceiling and lower, wait..lower the debt ceiling and increase the taxes by eliminating a tax exemption of a … we’re screwed again.

  4. Yep, sellout is on the way. They are trying to baffle us with BS. I don’t trust anyone in the Senate leadership. No matter what side they are on. I hate Woodrow Wilson and the statists who fooled Americans into ratifying the 17th Amendment. They truly decimated States Rights with that mistake. The Senate no longer works for their represented state, they work for D.C. (i.e., District of Centralization). They are addicted to the money and power that goes with their title (‘don’t call me ma’am’ Boxer).

    The Senate is what we need to shake up next. If we could get some true patriots who would pass the repeal of the 17th Amendment through Congress, we might just have a chance of decentralizing D.C.

    • Not a peep from House leaders. Hannity is interviewing Mike Pence. He is saying there is a strong backing in for Cut, Cap, and Balance. Call your Congressman and Senators (202-224-3121) if you don’t know where he/she stands. There are a few Democrats who are wavering. The Senate is playing three card monty to get us off message. They need to debate Cut, Cap, and Balance on the floor of the Senate. There are no cuts to Medicare or Social Security in the bill. If they insist there is, make them lie to us on the Senate floor.

  5. Kudos Keith, for the update. Sorry for the hard time on Our leaders Sunday church photo op.. It is just difficult to feel good when our wallets are being drained by the current administration policies. BeRightBack, gotta go sell my collected recyclable aluminum cans so we can eat tonight.