Why the Gang of Six Could Be the Best Hope to Rescue the Country from Its Red Ink Crisis


Budget Deal: 'Gang of Six' Senators Work Behind Scenes

On Capitol Hill, paying for it has been a forgotten detail in recent years as the country's deficits have soared to record levels. The Treasury Department announced Tuesday that in March the federal government racked up a $188 billion deficit. With lawmakers currently touting $38 billion in spending cuts in the new bipartisan budget deal to fund government operations for the next five months as a "historic" achievement, making drastic cuts to reduce a $14 trillion debt could be a tall order.

The fight over the $38 billion in cuts almost resulted in the first government shutdown in 15 years. Imagine what a fight over $14 trillion could do.

"In the eight days leading up to the budget deal, we racked up $54 billion in new debt – way more than the proposed cuts," Sen. David Vitter, R-Louisiana, pointed out on Facebook Tuesday. "And when you look at the details of the cuts, even that $38 billion isn't real. We must do far better."

When President Obama delivers his speech this afternoon at George Washington University in the nation's capital, he could go a long way towards outlining a vision for how to stabilize the country's fiscal situation. And pundits on both sides of the political aisle agree that Paul Ryan's 2012 budget proposal was a bold effort, whether they agree with it or not.

But ultimately, the best chance for serious action on the country's debt crisis could come from a group of six senators, quietly meeting on Capitol Hill. Of course, they will have to reach a deal first. And then that deal will have to gain traction among politicians focusing more and more on next year's elections.

If nothing else, it could be a start – and that, at this point, is sorely needed.

  • 1
  • |
  • 2
Join the Discussion
You are using an outdated version of Internet Explorer. Please click here to upgrade your browser in order to comment.
blog comments powered by Disqus
You Might Also Like...