Christina Crooks, Manager, Government Affairs and Alexandra Sipes, Legislative Aide, in FEI’s Washington, DC office, reporting on the looming U.S. debt crisis, note that following the re-entry of Senator Tom Coburn (R-OK) into the “Gang of Six” on July 19, the ‘G6’ announced their deficit-reduction proposal to a group of 50 senators from both parties.
The G6 proposal would cut the deficit by $3.7 trillion over the next 10 years, by producing an immediate $500 billion in deficit savings and requiring congressional committees to discover viable cuts in entitlements, discretionary spending, and a massive reform of the tax code within six months. The proposal has gained a great deal of support in the Senate from both parties, and President Obama also endorsed the group’s efforts. Experts have indicated this plan may provide the necessary support to boost the debt ceiling and avoid default. Read more about this development Gang of Six Breakthrough: Behind the Scenes, by Manu Raju in Politico.com.
According to Sam Youngman of TheHill.com, citing White House Press Secretary Jay Carney, Obama, House and Senate Leaders are set to meet at 2:50 pm today at the White House to try to firm up a bipartisan solution on the debt talks.
David Walker, Comeback America Initiative, Unveils “Restoring Fiscal Sanity" Report
In related news, earlier today, David Walker, President and CEO of the Comeback America Initiative (CAI), presented the “Restoring Fiscal Sanity Report” during a briefing in the U.S. Senate. Walker is the former Comptroller General of the U.S.
The CAI report issued today includes two proposals to address our nation’s fiscal challenges.
One proposal, the Preemptive Framework, focuses on cutting short-term discretionary spending back while at the same time including $500 billion in investments to help stimulate the economy.
The other path, the Reactive Framework, illustrates what must take place in order to avoid a “crisis management” atmosphere. Walker’s report is said to be more comprehensive and includes much more specific details than other proposals currently circulating in Washington.
CAI is a non-partisan organization dedicated to fostering a national discussion around fiscal challenges and solutions
Read more in CAI’s press release; download the CAI report.
FEI’s President and CEO, Marie Hollein is a member of the CAI Advisory Council.
Additional highlights from Walker’s presentation on Capitol Hill earlier today, announcing the release of the report, will be posted in a summary on FEI’s website.
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