Gang of Six Debt Plan Losing Steam

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As Washington continues to grapple for a way out of its debt dilemma, a separate bipartisan budget plan by the Senate's "Gang of Six" appears to be losing momentum.

Critics complained that the proposal contains larger tax increases than advertised.

While the plan would lower the top tax rate from 35 percent to somewhere between 23 and 29 percent, it also targets some cherished tax breaks.

For instance, it would reduce popular tax deductions like those for mortgage interest, health insurance, charitable giving, and retirement savings.

But the plan spares other tax breaks, like the $1,000-per-child tax credit and the earned income tax credit for the working poor.

Meanwhile, the Obama administration is now indicating the president may accept a short-term increase in the debt limit to make the Aug. 2. 

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