With less than two weeks to go before the Treasury-announced August 2^nd deadline to raise the debt ceiling, members of Congress are desperate for some sort of plan that will break the current stalemate over what type of deficit reduction should accompany the ceiling increase. So are the financial markets, to judge by their reaction.

This desperation perhaps explains the energy with which members of both parties received the “Gang of Six” plan released Tuesday.

We caution our members not to get too excited. While there are several very positive aspects of the Gang’s plan, this proposal will not be ready to …

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