Posted By RichC on July 19, 2011
Press Conference President Obama 07/19/2011
A surprise jolt of bipartisan support emerged Tuesday for a $3.7 trillion deficit-reduction plan that had been in development for months, though it was thought to be dead just several weeks ago.
Roughly half of the Senate’s 100 members sat through an hour-long briefing on the plan, which was designed by a group of lawmakers known as the “Gang of Six” and would cut spending, overhaul entitlement programs such as Medicare, rework the tax code, and make significant changes to Social Security.
The plan is sweeping in its scope but was thought for months to be both overly ambitious and slightly ambiguous, which nearly led the effort to collapse in recent weeks. But the plan was revived, in part by its lead authors—Sens. Mark Warner (D., Va.) and Saxby Chambliss (R., Ga.)—and the flood of bipartisan support coming out of the meeting surprised them both, the lawmakers said.