The media tell us the best chance for a deficit-cutting deal that might be supported by both Congress and President Obama is something close to what's been proposed by the so-called "Gang of Six" senators. They claim their plan would reduce deficits by $3.7 trillion over 10 years.

But Cato's Chris Edwards points out, "The Gang outline has a few specific cuts, but the document mainly consists of promises to restrain spending and raise taxes in the future."... continue reading »