Politico is reporting that the so-called Gang of Six -- six bipartisan Senators -- have reached an agreement on a plan that would involve $500 billion in cuts now (including a change to how COLAs for Social Security are calculated) immediately followed by a fast-track process that would result in a package of tax restructuring and spending cuts to total $3.7 billion in the next 10 years. President Obama has said that this is a useful, meaningful step towards resolving the crisis over the debt ceiling. The tax plan would involve more progressive tax brackets.
Now, will the House GOP agree? Jennifer
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