A number of senators-democrats and republicans-have taken up the recommendations of the Debt Commission and are pushing for President Obama to sign on. Mark Warner (D-Va) and Saxby Chambliss (R-Ga) have teamed with democrats Dick Durbin (one of the most liberal senators) and Kent Conrad and republicans Tom Coburn and Mike Crapo; they are refered to as the "Gang of Six". The national debt is $ 14 trillion and we are presently borrowing 40 % of every dollar spent. They want to reduce the debt by $ 4 trillion over 10 years. The commission's recommendations they are supporting are as follows. Lower tax rates while doing away with $ 1 trillion in tax breaks for individuals and corporations. Raise the age for social security retirement and increase the payroll tax on high earners. Raise the gas tax and cut spending on all programs including defense. Presently 16 republicans and 15 democrats have signed on. Warner says that the US is in for "financial Armagedon" if we don't get the deficit under control. He also notes the Chinese have been our biggest creditor and if we don't make changes, they will dictate them.
(Source: "Soaring US debt needs fix now, senators say" by Bill Bartel of The Virginian Pilot on 3/8/11).
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