"Gang of Six" try to balance country budget

Wednesday, July 20, 2011 - 11:42pm

All eyes are on the “Gang of Six” senators: three Republicans and three Democrats.

They met today with Democrats in the House of Representatives, attempting to craft a deficit deal that can pass Congress.

Their plan puts everything on the table, from spending cuts and entitlement programs to revenue. They are actually reducing tax rates, both on the individual side and on the corporate side.

That's a move to win over conservatives, such as House GOP Leader Eric Cantor.

House republicans rejected tax hikes last night, but okayed a balanced budget amendment.

Senate democrats say Tea Party house members would bankrupt social programs or allow default, to make a political point.

President Obama called in Republican leaders and Democrats to get the Gang of Six plan on a fast track.

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