Tagged: deficit

President Obama this morning outlines a deficit-reduction plan that his economists say would reduce anticipated federal budget deficits by about $4 trillion over the next decade.

According to Mo. Sen. Roy Blunt the bipartisan “Gang of Six” plan to raise the debt ceiling and cut the deficit by $4 trillion is too complicated to agree on by the Aug. 2 deadline set by the Obama administration.

Speaking with reporters during a weekly conference call, Blunt said he might support a short- term solution to raise the debt limit in order to allow time for a broader plan to be implemented.

Missouri Sen. Claire McCaskill says the bipartisan “Gang of Six” plan to steer the government away from a first-ever default on its financial obligations makes sense because it helps the deficit and lowers corporate and personal tax rates.

The democratic Senator attended the meeting on Capitol Hill Tues. where some 50 senators from both parties were briefed on the plan. McCaskill says most of the senators are excited about the compromise that was presented.