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Budget (Proposed)

Bipartisan Budget Plan, July 2011

This deficit-reduction plan was proposed by the 'Gang of Six' senators, led by Democrat Mark Warner and Republican Saxby Chambliss. The summary states,

"This bipartisan, comprehensive, and balanced plan consistent with the recommendations of the
Bowles-Simpson fiscal commission that will:

• Slash our nation's deficits by $3.7 trillion/$3.6 trillion over ten years under CSO's March 2011 baseline, or $4.65 trillion/$4.5 trillion under the original fiscal commission baseline (which used the President's 2011 budget request as the starting point for discretionary spending).
  
• Stabilize our publicly-held debt by 2014.
  
• Reduce our publicly-held debt to roughly 70% of our economy by 2021.
  
• Impose unprecedented budget enforcement."