Idaho Senator Center Stage In Debt Crisis Solution
You may not realize it but Idaho has a significant role in solving the looming debt crisis. Idaho’s Republican Senator Mike Crapo is one of the “gang of six” who has been charged with finding a solution. A debt-reduction framework put forward on Tuesday by the bipartisan Gang of Six in the Senate injected new hope that the ongoing stalemate in the debt ceiling negotiations might be broken. The latest plan would cut $3.7 to $4.7 trillion dollars in spending over the next ten years. Senator Crapo says this latest plan is a good one. President Barack Obama offered an optimistic nod for the deficit-reduction plan put forward by bipartisan “Gang of Six” Senate lawmakers. This latest plan calls for $1 trillion in what sponsors delicately called “additional revenue” and some critics swiftly labeled as higher taxes. The plan by the Gang of Six is far too complicated and contentious to advance before an Aug. 2 deadline to avoid a default that Treasury Secretary Timothy Geithner and other experts warn would rattle markets, drive up interest rates and threaten to take the country back into a recession. But its authors, including Senator Crapo, hope it could serve as a template for a “grand bargain” later in the year that could erase perhaps $4 trillion from the deficit over the coming decade.