House passes GOP debt measure; Gang of Six back together again

No one should be surprised by the what happened in the House. I can only hope that the Senate stand their ground and not pass it. The problem is you have several 'blue dog' Democrats who actually act more Republican than Democrat. So, I am a little on edge right now. I wonder if the President would veto it if they sent it to him. This is still very interesting and increasingly stressful.

The U.S. House on Tuesday night passed the "cut, cap and balance" deficit reduction plan backed by tea party conservatives but dismissed by President Barack Obama, who offered strong praise for another proposal put together by a bipartisan group of senators.

The so-called Gang of Six plan -- drafted by three Democratic and three Republican senators -- presents a possible compromise to Obama and congressional leaders as they approach a deadline for a deal on cutting federal deficits in order to gain Republican support for raising the federal debt ceiling to avoid an unprecedented default.

It would cut the nation's debt by about $3.7 trillion over the next 10 years -- similar to the president's call for roughly $4 trillion in savings.

Obama called the plan by the Gang of Six senators "broadly consistent" with his own approach to the current debt ceiling crisis because it mixes tax changes, entitlement reforms and spending reductions.

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