With the Super Committee failure last week, lawmakers are considering going back to previous debt proposals proposed over the past year. The three main plans are President Obama's National Commission on Fiscal Responsibility and Reform's 10-year, $4 trillion plan, Rep. Paul Ryan's 10-year, $6 trillion plan, and the Gang of Six 10-year, $4 trillion plan.
Do you think any of the previously proposed plans could be successful in Congress the second time around? Let us know your thoughts in the comments.
...[A] $4 trillion, 10-year plan offered by President Obama's National Commission on Fiscal Responsibility and Reform, also known as the Simpson-Bowles committee...failed to get the 14-vote super majority to get to a vote in Congress.
A $6 trillion, 10-year plan plan proposed by Budget Committee Chairman Paul Ryan passed the House in mid-April but it stopped dead in the Senate after Democrats complained it cut too much from Medicare.
Shortly after the Ryan plan stalled, a "Gang of Six" group of senators proposed nearly $4 trillion in deficit reduction over 10 years. That fell apart in July after it received criticism for not doing enough to cut entitlement growth while proposing too much in tax hikes.
Grover Norquist favors Ryan's Plan, which passed in the Republican-controlled House, for cutting spending and not raising taxes. Many GOP candidates also back Ryan's plan, including Utah Gov. Jon Huntsman, who said, "I think what Ryan is talking about with $6.2 trillion cut out of the budget over 10 years is exactly where the country needs to be."
Sen. Pat Toomey, who put forth a plan as a member of the Super Committee reducing tax credits, deductions, and tax rates, was hopeful that moderate Democrats could begin working with Republicans. A Gang of Six member, Sen. Saxby Chambliss, also hoped for more bipartisan discussion, saying the gang will meet after Thanksgiving to come up with a new proposal.
Do you think any new proposals will successfully pass through Congress?