I can’t shake the feeling this is going to be what eventually passes.

(Washington Examiner) — The Gang of Six “Bipartisan Plan to Reduce Our Nation’s Deficits” claims their tax reforms would be scored by the Congressional Budget Office as a $1.5 trillion net cut. But no details are provided on how they arrive at this number other than saying they will abolish the Alternative Minimum tax. So how can this plan claim to be a “balanced approach” (which means higher revenues), yet also claim to be a $1.5 trillion tax cut?

This probably means they are using a CBO baseline that assumes the AMT continues as written today and that the current Bush rates expire. Last August, the CBO said those policies would amount to a $4.8 trillion tax hike. Which means the the Gang of Six plan probably raises taxes by about $3+ trillion over current rates.

Of course Obama thinks this is the greatest thing since sliced bread.

(ABC News) — Declaring “11th hour” urgency” to raise the government’s borrowing limit, President Barack Obama on Tuesday hailed a plan by “Gang of Six” senators from both parties to reduce federal deficits as the kind of balanced approach that could break the economy-threatening deadlock. He said it was time for Congress to rally around such a proposal.

“We don’t have any more time to engage in symbolic gestures, we don’t have any more time to posture. It’s time to get down to the business of actually solving this problem,” the president said.

Obama spoke even as House Republicans pushed toward a vote on separate legislation that would require trillions in spending cuts and agreement on a balanced-budget constitutional amendment in exchange for an increase in the debt ceiling, which the government says must be raised by Aug. 2 to avoid economic calamity. That House plan, expected to come to a vote Tuesday evening, was unlikely to get through the Senate, and Obama has said he would veto it if it ever arrived at his desk.