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Category: Money

Gang of Six Takes Lead to Cut Debt

Written on March 09, 2011 by Japhet Writ

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Instead of thinking how much spending should be cut over the next seven months, why not focus on long-term solutions?

While lawmakers are continuously banging their heads on how much spending should be cut for the next seven months, the keeps on pointing out where it really belongs. The , a small group of senators from both Republican and Democratic parties, took charge in leading a bipartisan plan to reduce .

Based on their proposal, a threshold must be set for spending and revenue, tax code must be overhauled, health care and defense spending must be reduced, and Social Security must be made solvent for the next 75 years. If the said proposals will be implemented, a $4 million cut from the national debt in just over a decade. However, no one liked every part of the plan according to Republican Sen. last Tuesday. But 61% who signed on the plan agreed that adopting a comprehensive, long-term plan would boost the by uplifting investor and business confidence.

It seems that generating political will is the hardest task that every lawmakers are facing today. For a country to act pro-actively, bipartisan support from other lawmakers, business leaders and the public is needed. And if the Gang of Six fails in its efforts, they will not be sure when will the next bipartisan agreement be.

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