Warner Says Debt Plan Weighs $3 in Cuts to $1 in Taxes Raised
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Senator Mark Warner said his bipartisan group of six senators working to strike a deal to cut the national debt is considering a plan to slash $3 in federal spending for every $1 of tax revenue it raises.
While the emerging proposal by the so-called Gang of Six won’t increase tax rates, the Virginia Democrat said it will include scrapping some tax breaks and limiting others, such as shrinking to $500,000 from $1 million the size of mortgages on which interest payments can be written off or scaling back deductions for charitable giving.