Peggy Noonan writes this weekend at the Wall Street Journal that the Gang of Six…three Republicans and three Democrats on the Hill had put forward the most significant debt-cutter of all…before being shot down by the BIG talent…Reid and Boehner, and the President.  Noonan, suggests that President Obama just step out of the way in these final days and not clutter a process which he has really watched as a spectator, not a leader.  Here’s an excerpt describing the Gang of Six proposal, which we wish would return to the table:

“The Gang of Six—three Democrats and three Republicans in the Senate—this week put forward a plan aimed at reducing the national debt by almost $4 trillion over the next 10 years. It includes $500 billion in immediate cuts, and it repeals a costly provision of ObamaCare. It would lower the top individual tax rate to 29%, push corporate tax rates down to 29% from 35%, and abolish the Alternative Minimum tax. On long-term spending, the plan includes a legislative supermajority and sequester feature. In the words of a senator involved in the bargaining, “For the first time, we have some real teeth” in spending controls.”   Four Trillion Dollars!  Would have been an nice start.  Read the full article at WSJ.com to get the rest of the story.  We’ll all have to see if the deal makers can equal that today or tomorrow.

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Filed under: Economy, Featured, Inside The KC by Sonja Eddings Brown, Jul 31, 2011