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So the so-called "gang of six" plan has been in the works for months now, but the stalemate over the debt ceiling may have given it new momentum. Senator Mike Crapo is a Republican member of the bipartisan group behind this plan. He joins us now from Capitol Hill. Good to see you.

SEN. MIKE CRAPO (R), IDAHO: Good morning.

WHITFIELD: OK, so this has been in the works since January. So far, what is the reaction from fellow senators?

CRAPO: We've had a very, very positive reaction from both Republican and Democrat senators. In fact, we put out our ideas yesterday, and almost 50 senators, half of the Senate, showed up. And I think to a person, almost, they were very positive about it.

WHITFIELD: So it's interesting because, you know, Mr. Boehner says that this "gang of six" plan, quote, "shares some-- many similarities" with the far-reaching strategy that he had been pursuing with the president. Why might this be a more successful measure than what the president and other leaders were working on from the White House?

CRAPO: Well, for one thing, we are building a bipartisan basis for it in the Senate. If the president and Republican leaders can also build that bipartisan support, then I think the two could come together, the two ideas could come together, and form the foundation for a very big step for America.

I should say, though, that from what I understand of the negotiations that are going on at the White House, our proposal is two or three times larger in its scope, and it's much more comprehensive. It puts everything on the table, dramatically reforms our tax code and makes America a much more competitive and dynamic economy, and gives us kind of broad-based approach to reform of entitlements and spending processes across the board that I don't think were in those discussions. I hope they will be now, though.

WHITFIELD: So, you mentioned larger and more comprehensive, which might underscore why Senate Majority Leader Harry Reid is questioning the timeline -- whether there is enough time to try and get this through.

CRAPO: That's a valid question. As we put this together, we never intended this to be a part of the debt ceiling battle. That's kind of a subset of the much bigger issue of our debt crisis.

Our proposal is a -- like I say, a comprehensive bipartisan proposal to deal with the debt crisis. And it's a fair thing to say that it's sufficiently comprehensive and complex that it may take some time to move forward. Parts of it may be able to be used in the debt ceiling battle, but ultimately, we need a much broader, bigger and more comprehensive approach to dealing with our nation's most serious problem right now, which is our debt.

WHITFIELD: So what he specifically is it about this measure that you feel with great relief and security, feeling that this is going to mean that the U.S. would avert a real crisis?

CRAPO: Well, what this plan does is put everything on the table as I have said. It has major reforms of entitlements. It saves Social Security from imploding. It controls discretionary spending.

It creates an enforcement mechanism that stops Congress from bypassing or finding loopholes around budgets. And it reforms the tax code in a way that reduces rates dramatically but grows the economy -- and therefore, generates greater revenue through greater economic activity.

WHITFIELD: Well, you mentioned --

CRAPO: That's the approach we need.

WHITFIELD: You mentioned Social Security. But is Social Security likely to get some cuts under this measure, as well as Medicare and defense spending?

CRAPO: Well, I should say, Social Security will not be utilized as a part of the solution to our debt crisis. We are proposing reforms to Social Security on a separate track simply to save Social Security from the wall that it's going to hit in about 20 years.

And what we will do is actually stop Social Security recipients from seeing about a 22 percent cut if Social Security becomes insolvent. And yes, with regard to entitlements and defense spending -- all of that is on the table, as a part of the reduction in spending in Washington that's necessary to control our spending side of the equation.

WHITFIELD: Senator Mike Crapo, thanks so much for your time.

CRAPO: Thank you.

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