Gang of Six Close to Reporting

Senate budget talks among the bipartisan “Gang of Six,” reportedly are coming to a close, and the team will report a proposal that will affect the upcoming debate on raising the federal debt ceiling. According to sources close to the talks, the Gang’s proposal will feature a series of votes that will lock the Senate into a committed level of budget savings. The budget targets could only be breached with a 60 or 67 vote threshold. The committees of jurisdiction – - including Senate Finance – - would be required to pass legislation to achieve the budget targets. Otherwise, an across-the-board sequestration would occur. The Gang’s plan goes easier on mandatory spending than the Ryan plan, but, overall, it achieves approximately $4 trillion in savings over a modified CBO baseline.

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