Gang of Six May Step In With a Deal

How many times does the Gang of Six have to get rejected before it finally gives up? Another negotiation meltdown and scary looming deadline have encouraged the group to revive its old, rejected deficit reduction plan:

“The Gang of Six has a deal and it’s a deal that is of sufficient clarity and detail that it can be put into legislative language,” said Sen. Mike Crapo (R-Idaho), a member of the group. “I would say we’re close enough that I think in short order, I don’t know whether that would be a couple days or couple of weeks, it could actually [be] put in fine-tuned language.”

It normally couldn’t hurt to have another option lined up, but is there really nothing better than the Gang of Six deal? Republicans would basically be trading devastating sequestration defense cuts for catastrophic Gang of Six defense cuts – with tax hikes piled on top. The super committee still has seven more days to come to an agreement. But if it fails, Republicans would have no incentive to support a plan that would slash defense by $866 billion.