Grand bipartisan budget deals are one of the great come-ons of Washington politics. They rarely work out, and when they do they usually benefit only the political class. The latest offer from the so-called Gang of Six Senators might be an exception, if—and this is a big if—its inviting generalities can be matched by useful details.Continue reading.
The budget outline—that's all it is so far—promises some $3.7 trillion in deficit reduction that includes rewriting the tax code, reforming entitlements, stabilizing the national debt, freezing domestic spending and rewriting federal budget rules—all in a handy seven pages of talking points. Senate committee chairmen would have wide latitude to write the new laws as they see fit. Anyone up for Max Baucus rewriting the tax code?
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That said, the outline from the three Republicans (including Oklahoma conservative Tom Coburn) and three Democrats is different from most other such offers because it combines spending cuts with reform that would lower tax rates. Most Beltway budget deals combine immediate tax increases with the promise of future spending cuts that somehow never occur. They enhance Washington's claim on the nation's private resources. This deal has promise because it would reduce that claim.
Also at NYT, "How ‘Gang of Six’ Revived Idea of Grand Debt Deal." And, "Bipartisan Plan for Budget Deal Buoys President."
And then, from James Capretta, at National Review, "The Gang of Six Disaster: The Worst Plan So Far,"In short, the Gang of Six has essentially offered a plan in which Republicans would hand over control of the budget process to Democratic senators and hope for the best. Enough said." And from Keith Hennessey, "Why I oppose the Gang of Six plan." (via Memeorandum).