Gang of Eight concludes retreat to develop bipartisan deficit reduction plan

Last week, the bipartisan group of Senators known as the “Gang of Eight” concluded their three day retreat. The group first came together in the summer of 2011 to try to develop a plan to solve the debt ceiling crisis but failed to reach an agreement in the end (see the Draft Plan from July 2011). Since then, they have added two new members – Senators Mike Johanns (R-NE) and Michael Bennett (D-CO). The future of any final plan they develop hinges largely on the results of the election. If either party takes control over the Presidency and the House and attains 60 votes in the Senate, it could greatly bolster its position on revenue, which has by far been the biggest obstacle to reaching a deal. If, however, we continue to have a divided government, it will be difficult to find consensus on a deficit reduction agreement. The members of the Gang of Eight are:
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