Will the Return of the Gang of Six End the Debt Ceiling Showdown?

The editors at MoneyWatch asked for a comment on the "Gang of Six" deficit reduction proposal:

Will the Return of the Gang of Six End the Debt Ceiling Showdown?: As I explain, I don't think so, but the Gang of Six proposal may help to guide the actual agreement, and the size of the immediate cuts in the proposal ($500 billion) is worrisome given the state of the economy.