Today, the so-called Gang of Six — with Sen. Tom Coburn (R-OK) back in the fold — released a deficit reduction plan that the members involved say would reduce deficits by $3.7 trillion over the next 10 years. During a statement today, President Obama called the plan “broadly consistent” with his vision for deficit reduction. Watch it:
The Gang of Six’s plan is quite vague on the details, laying out desired savings in different departments, but not cuts to specific programs (though it does lay out some specific savings, such as changing the way in which inflation is measured for the purpose of calculating Social Security benefits). It also calls for tax reform that would raise $1 trillion in revenue. Read the plan here.