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Gang of 6 deficit effort gains momentum

Leaders of a bipartisan "Gang of Six" senators said Tuesday that they've reached agreement on a major plan to cut the deficit by more than $4 trillion over the coming decade through tax reform, Medicare and Social Security overhaul, and repeal of the CLASS Act, among other measures.

By Andrew Taylor | Updated on July 19, 2011
Sen. Mark Warner, D-Va., right, and Sen. Saxby Chambliss, R-Ga., leaders of "The Gang of Six" participate in a discussion on the federal budget, deficit reduction and the debt ceiling during a luncheon of the Economic Club in Washington, Wednesday, June 8, 2011. (AP Photo/Alex Brandon)

WASHINGTON (AP) — Leaders of a bipartisan “Gang of Six” senators said Tuesday that they’ve reached agreement on a major plan to cut the deficit by more than $4 trillion over the coming decade in what could be a bold entry into a debate on the deficit long bogged-down by bitter partisanship.

More than $1 trillion of the deficit cuts would come from tax increases reaped as Congress overhauls the loophole-choked U.S. tax code. It would also repeal a long-term health care program established under the last year’s health overhaul and force up to $500 billion in cuts from federal health care programs over the upcoming decade, according to documents provided to senators at a Tuesday morning meeting but not publicly released.

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