(image source: MSNBC)
BY MALLORY PERRYMAN
ANCHOR MEGAN MURPHY
You're watching multisource politics video news analysis from Newsy.
A Lazurus-style resurgence on Capitol Hill--
A renigade Gang of Six member returns--
And a grand bargain shows new signs of life.
Greta Van Susteren (Fox News): “Republican Senator Tom Coburn is back. He just reupped with the Gang of Six Senators.”
Reporter (Fox News): “All of a sudden a meeting on Capitol Hill yesterday and then it spread like wildfire...”
Analyst (MSNBC): “I think it's a terrific step forward if this could get traction.”
The Gang of Six is a bipartisan group of Senators trying to figure out a deficit-reduction plan that both sides can agree on. CNN explains, right now, the plan is just an outline.
Reporter (CNN): “This is a pretty big plan: $3.7 trillion in deficit reduction (FLASH) You have to take a look at this plan because it includes tax increases which as you know House Republicans have been completely resistant to and there’s also entitlement reform which Democrats have been resistant to.”
Even without the details-- the plan quickly won the endorsement of President Obama.
But it still faces two major hurdles--
House Republicans. And the clock.
Anchor (Fox News): “Of course, the devil is in the details because they have this plan, but it's not translated into legislative language... They don't think this would be able to happen before August 2nd and the deadline.”
Analyst (MSNBC): “The gang of six proposal is going to mean that there's going to be a short term increase in the debt ceiling and they're going to say this is so good and complex at the same time we're going to have time to study it.”
As for House Republicans-- they’re moving forward with their own plan-- would that would most likely be dead on arrival in the Senate. Here’s Jay Bookman for The Atlanta Journal Constitution.
“As a sign of their continued fidelity to foolishness, House Republicans spent yesterday passing their extreme ‘Cut, Cap and Balance Plan.’ The good news is that nine GOP congressmen voted against the bill. The bad news is that most if not all of those nine...voted against it because in the end, it would raise the debt ceiling. In other words, it wasn’t extreme enough.”
The Gang of Six plan is just one option. Senate Minority Leader Mitch McConnell has come up with a last-resort Plan B to raise the debt ceiling-- and leaders from both parties are still trying to hammer out a deal with President Obama.
Transcript by Newsy.
