New Debt Plan Negotiations Could Begin Today

A new plan is brewing in the debt limit debate in Washington. The proposal was formed by a group of Republican and Democratic Senators, it calls for deep budget cuts and new tax revenues. The group of Senators behind the plan are known as the “Gang of Six” and talks could begin as early as today to negotiate a deal. Yesterday, the House passed the Republican lead “Cut Cap and Balance Plan”, which President Obama has said he will veto if the plan arrives at his desk. The “Gang of Six” plan would trim an estimated $4 trillion from the country's debt over the next 10 years, with $500 billion being cut immediately. The plan also includes cuts to Medicare and Medicaid and new tax revenues. The proposal may face hurdles in the House, some Democrats have said they oppose cuts to Medicare and Medicaid while Republicans have spoke out against tax hikes. However, some congressional aides in Washington say they don't believe there is enough time before the August 2nd deadline to pass a “Gang of Six” plan. 9&10 News will continue to bring you the latest on the debt showdown as it becomes available.