Senate 'Gang of Six' seek $4.7T in deficit cuts

By ANDREW TAYLOR | June 8, 2011 | 3:42 PM EDT

WASHINGTON (AP) — A member of the "Gang of Six" senators working on a bipartisan plan to wrestle the deficit under control says the group has identified $4.7 trillion in spending cuts and revenue increases over the next decade.

Georgia Republican Saxby Chambliss told a gathering of economists in Washington that there's no agreement on the plan but that the deficit savings could be ever higher — up to $6 trillion — if the plan boosts economic growth and tax revenues.

The group has been toiling for months to produce a plan that might gain momentum in the Senate and serve as the basis for a long-term solution to the nation's chronic debt woes, but they've failed to seal an agreement. A key member, Oklahoma Republican Tom Coburn, has dropped out.