Mandel Ngan/AFP/Getty Images
US President Barack Obama (4th L) takes part in a meeting with congressional leaders on the budget deficit July 14, 2011 in the Cabinet Room of the White House in Washington, DC.
The clock is still ticking on the August 2 deadline for lawmakers to reach a budget compromise that would raise the debt ceiling and avoid the first-ever default on U.S. obligations. President Obama sees the broad plan outlined yesterday by the bipartisan Gang of Six as a possible path to a deal to cut the federal deficit by about $4-trillion over the next decade. The plan calls for an immediate “down payment” of $500-billion in cuts as a starting point towards $4-trillion in further cuts over the coming decade. But it’s still very unclear whether Republican lawmakers can find a way to endorse more than $1-trillion in new tax revenues. What will it take for lawmakers to lift the nation’s borrowing cap? Could the Gang of Six proposal bring the rest of the gang together?
Congressman John Campbell, R-California’s 48th District; member of the House Committee on Financial Services, the House Committee on the Budget, the Joint Economic Committee, and the House Policy Committee
Congressman Brad Sherman, D-California’s 27th District; Ranking Democrat on the House International Relations Committee's subcommittee on international terrorism and nonproliferation; member of the House Financial Services Committee