Tags: gang | six | trillion | plan | taxes | gop | deficit

AP: Gang of Six Plan Means $1 Trillion in New Taxes

Tuesday, 19 Jul 2011 08:59 PM

 

Share:
  Comment  |
   Contact Us  |
  Print  
|  A   A  
  Copy Shortlink
WASHINGTON (AP) -- Defying a veto threat, the Republican-controlled House passed legislation Tuesday night to slice federal spending by $6 trillion and require a constitutional balanced budget amendment to be sent to the states in exchange for averting a threatened government default.

The 234-190 vote marked the power of deeply conservative first-term Republicans, and stood in contrast to stirrings at the White House and in the Senate on a renewed effort at bipartisanship to solve the looming debt crisis.

President Barack Obama and a startling number of Republican senators lauded a deficit-reduction plan put forward earlier in the day by a "Gang of Six" senators split evenly between the GOP and the Democrats. It includes $1 trillion in higher taxes, and the president said he hoped congressional leaders would "start talking turkey" on finding agreement as soon as Wednesday.

Wall Street cheered the news as well.

But House Republicans insisted on their own approach -- despite Obama's veto threat and widespread predictions the measure approved Tuesday night would die in the Senate.

"Our bloated and obese federal budget needs a healthy and balanced diet, one that trims the fat of overspending and grows the muscle of our nation's economy," said Rep. Reid Ribble of Wisconsin, one of the 87 first-term House Republicans determined to reduce the size of government.

Democrats said the measure, with its combination of cuts and spending limits, would inflict damage on millions who rely on Social Security, Medicare and other programs. "The Republicans are trying to repeal the second half of the 20th century," said Rep. Sander Levin, D-Michigan.

© Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Share:
  Comment  |
   Contact Us  |
  Print  
  Copy Shortlink
Around the Web
Join the Newsmax Community
Please review Community Guidelines before posting a comment.
>> Register to share your comments with the community.
>> Login if you are already a member.
blog comments powered by Disqus
 
Email:
Country
Zip Code:
Privacy: We never share your email.
 
Hot Topics
Follow Newsmax
Like us
on Facebook
Follow us
on Twitter
Add us
on Google Plus
Around the Web
Top Stories
You May Also Like

NH's Shaheen Now Supports Temporary Travel Ban Over Ebola Fears

Tuesday, 21 Oct 2014 12:11 PM

Jeanne Shaheen is the latest U.S. senator to have a change of heart and offer public support for a temporary travel ban  . . .

Dr. Gil Mobley: Battle Against Ebola in W. Africa Is 'Lost'

Tuesday, 21 Oct 2014 11:45 AM

The response to Ebola in West Africa is a day late and a dollar short, according to emergency room doctor and CDC critic . . .

Therapist: Ebola Anxiety Is Public Enemy

Tuesday, 21 Oct 2014 10:52 AM

Marriage and family therapist Dr. Lisa Palmer joined J.D. Hayworth and Francesca Page on "America's Forum" on Newsmax TV . . .

Most Commented

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

 
NEWSMAX.COM
America's News Page
©  Newsmax Media, Inc.
All Rights Reserved