July 22nd, 2011
Econintersect: One of the best summaries of the proposal from the “Gang of Six” was found today in Employee Benefit Advisor. The article by Andy Sullivan and credited to Reuters gives a list of 28 specific items that the proposal covers. The “Gang of Six” is comprised of the following senators: Mark Warner (D-Va.), Kent Conrad (D-N.D.), Richard Durbin (D-Ill.), Tom Coburn (R-Okla.), Saxby Chambliss (R-Ga.), and Mike Crapo (R-Idaho). Follow up:
Follow up:The 28 specifics fall into eight categories:
- Immediate Cuts
- Broader Reforms
- Tax-code Rewrite
- Overhaul of Benefit Programs
- Enforcement Mechanisms
- Getting it Passed
- Social Security
To read the 28 individual items, click through to the source (Employee Benefit Advisor).
Which of the proposals will be the hardest to reach agreement on in the broader Capitol Hill community? The opinions vary. The Christian Post suggested it might be the repeal of the AMT (Alternative Minimum Tax). The Huffington Post said it might be a standoff between the right and the left over tax increases and benefits cuts, respectively. The Wall Street Journal editorial of July 23 gives two impediments: (1) Deeper cuts are needed to pass the House; and (2) The president is grandstanding.
GEI Editor’s note: We find it curious that no other grandstanding was mentioned.