Exclusive: Gang forms inside U.S. debt panel in quest for deal

http://www.reuters.com/article/2011/10/31/us-usa-debt-idUSTRE79U74I20111031

Six members of a U.S. congressional debt reduction "super committee" have struck out on their own in a new effort to come up with a plan to slash America's huge deficits before a November 23 deadline.

The three Republicans and three Democrats are looking at a deficit-reduction deal of between $1.2 trillion to $1.5 trillion, congressional aides told Reuters on condition of anonymity because of the sensitive nature of the talks.

Despite widespread calls for the 12-member super committee to reach a multi-trillion dollar "grand bargain" to fix the country's fiscal mess, the six lawmakers are seeking a smaller deal because they recognize the differences between both sides over taxes and spending are too wide, the aides said.

If the committee fails to reach a deal by November 23, $1.2 trillion in automatic spending cuts will be triggered across U.S. government agencies, beginning in 2013.

Democrats and Republicans on the super committee last week each outlined multi-trillion dollar deficit reduction plans. Each side rejected the other's as unworkable.

The six lawmakers, who began meeting only recently, include: Republicans Rob Portman, Dave Camp and Fred Upton; and Democrats John Kerry, Max Baucus and Chris Van Hollen, according to the aides.