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'Gang of Six' Plan Gaining Traction?

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    Sen. Jeanne Shaheen weighs in on bipartisan effort

  • Duration 5:23
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But even as the clock ticks on the nation's debt ceiling this so called gang of six planned to rein in spending is gaining some steam it seems -- in the senate.

Among other provisions it cut spending and raises additional revenues one of -- of her supporters so far -- senator Jean Shaheen Democrat -- New Hampshire is joining us today.

-- and senator Shaheen it.

Can be difficult -- the debt ceiling in this long term debt solution are two separate things.

A related because we're trying to negotiate on both -- -- -- want -- to be clear for our viewers with let's start with the debt ceiling first evolved we're hearing some more talk about a temporary extension for the debt ceiling woods.

Would you vote for that would you before that.

Well I think it depends on what it looks like.

It's clear we have a two part problem the first part is we have to raise the debt ceiling and I think there's a lot of misunderstanding about why we have to do -- We have to do that.

To ensure that we pay for all of the expenses that we incurred it's not to increase spending.

It's to basically pay the debts of the United States of America and we cannot laugh out loud -- default on.

-- our debt ceiling Vick has that would have huge ramifications.

For business.

For average families out there who have to pay their mortgage payment their credit cards.

It would it would have -- -- effect that could put it put us back into recession so that is not something I think any of us want to happen.

So pushed into shad.

To avoid this on his second deadline it seems like you're saying that you would be for something I would at least make sure that we're paying our bills -- to be a temporary.

Well raising the debt ceiling.

Well we have to raise the debt ceiling there's no option I believe for that and we haven't seen what the various.

Plans are I know they're still negotiating these negotiations going on but I'm hopeful they're going to come up with something that.

Well allow us to raise the debt ceiling and give us time to and negotiate on a long term debt and deficit reduction package -- has.

Not only do we need to raise the debt ceiling that we also need to -- deal with this country's debt and deficits so that we can put us on a long term.

Positive economic path that can help give businesses certainty and create jobs for people.

So let's get to that that long term package of stories the one that has been discussed in well not a -- great and that a detailed by the ranking of six but it seems like so far there's been some positive reception -- I -- -- back at right that you your positive on it until this point again we're still looking for details -- -- the parts of this planned talks about.

Reducing tax breaks for.

-- certain segment of the population -- specifically the middle class when it comes to mortgage interest health insurance charitable -- again reducing the tax -- not necessarily -- -- that the Democrats have said repeatedly that they don't -- -- raise taxes in the middle class -- Republicans say don't wanna raise taxes on anybody so do you think this actually has a chance -- -- -- -- behind.

I've reducing some of these tax breaks the weekend have a compromise here on a long term debt solution.

Well we still have to work out some of the details and certainly there.

I don't like everything that I heard about this package that I think it's a bipartisan.

Balanced approach it puts everything on the table.

I'm discretionary spending mandatory programs defense spending and revenues and I think that's very important.

And one of the approaches that it takes is to try to simplify our tax code.

And make it fair both for individuals and for business and so it takes a look at those tax expenditures what are called tax expenditures.

So things like loopholes that allow people.

Get out right -- sport.

Yaks and four race horses.

But also as you point out for some other things like home mortgage payments and that I.

I think.

There is a compromise to be reached on some of these that will allow us to get rid of the onerous tax expenditures and keep what's important to the middle class they certainly I support that.

It seems like that.

On both sides of the -- people agree that the taxpayers could be simplified so we'll see if if that something that can be drawing upon for some more compromise to see it at quick final question for you.

You're that the first woman.

In our country's history.

To be a governor and also a United States senator -- pretty interesting facts.

And it is surprising that it is surprising it as a governor you've balanced your budget and you had to have reached for consensus and now I hear in this and it.

Why why is this so difficult why is it -- at a state level and it it is done by many states why killing find a consensus here -- he thinks really.

Holding up everything.

Points and that.

That's one of the things that I've been very frustrated about since I've been here.

The fact is I think we've got to figure out how to work a bipartisan way we need to put aside the posturing.

And recognize that what ever.

When you're working in the best interest of the country you have to be willing to compromise and you have to be willing to negotiate.

We all have our bottom line is that we also have to be willing to compromise and that means every that gives up something.

We'll see if we can do it it continues this in perspective and we appreciate having your state senator thank essentially joining us.

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