Senator Saxby Chambliss • Georgia, a member of the Senate Committee on Agriculture, Nutrition and Forestry.
• Idaho Senator Mike Crapo, a member of the Senate Budget Committee.
• Oklahoma Senator Tom Coburn, the members of the Senate Finance Committee.
Their proposal
The group presented a plan to reduce spending $ 3.7 trillion over the next decade, including a major reform of the tax code and changes in how the federal government pays Social Security and Medicare. By eliminating loopholes and penalties in the tax code, beef proposed by the treasury more than $ 1 trillion, say the gang members.
Also plan to immediately reduce the marginal rate of income tax, eliminate the alternative minimum tax, tax brackets to create a completely new, and cut $ 80 billion for defense.
The group released details of the plan for the first time this week.
"It's probably the only plan that will always happen - or a combination of both," he told Bloomberg News this week Coburn. "This is the first step of a long process for this country to get our finances under control $ 3.7 trillion is a lot of money, but not enough -. But we will gain time to get down the road a bit changes additional to do. "
President Obama on Monday hailed the plan a "balanced approach" to reducing the deficit and debt, has encouraged several months.
"Now we have a mutual group of senators who agree that a balanced approach," Obama said. "And the American people, who agree that a balanced approach."
The plan is the result of months of intense negotiations between racks have been several attacks, starts and reversals. However, the group now believes it has recovered to provide a model that could change the way the federal government does business for decades.
• Idaho Senator Mike Crapo, a member of the Senate Budget Committee.
• Oklahoma Senator Tom Coburn, the members of the Senate Finance Committee.
Their proposal
The group presented a plan to reduce spending $ 3.7 trillion over the next decade, including a major reform of the tax code and changes in how the federal government pays Social Security and Medicare. By eliminating loopholes and penalties in the tax code, beef proposed by the treasury more than $ 1 trillion, say the gang members.
Also plan to immediately reduce the marginal rate of income tax, eliminate the alternative minimum tax, tax brackets to create a completely new, and cut $ 80 billion for defense.
The group released details of the plan for the first time this week.
"It's probably the only plan that will always happen - or a combination of both," he told Bloomberg News this week Coburn. "This is the first step of a long process for this country to get our finances under control $ 3.7 trillion is a lot of money, but not enough -. But we will gain time to get down the road a bit changes additional to do. "
President Obama on Monday hailed the plan a "balanced approach" to reducing the deficit and debt, has encouraged several months.
"Now we have a mutual group of senators who agree that a balanced approach," Obama said. "And the American people, who agree that a balanced approach."
The plan is the result of months of intense negotiations between racks have been several attacks, starts and reversals. However, the group now believes it has recovered to provide a model that could change the way the federal government does business for decades.
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