WASHINGTON | Tue Jul 19, 2011 1:40pm EDT
WASHINGTON (Reuters) – A bipartisan group of senators on Tuesday revived an ambitious budget plan that could provide new ideas for breaking the impasse in Congress over raising the country’s credit limit by August 2.
Senate Budget Committee Chairman Kent Conrad, one of the six Democratic and Republican senators who have been working since last December on a deficit-reduction plan, said the proposed $3.75 trillion in savings over 10 years contains $1.2 trillion in new revenues.
The so-called Gang of Six briefed about half of the 100-member Senate and “the response was very favorable,” Conrad told reporters.
This plan has dispelled the worries of many investors today as it could put an end to the stressful battle between lawmakers and finally relieve some pressure off of the markets. Gold and other prescious metals dropped sharply after the news as people exited the safe haven in hope the deal goes through.
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