‘SAVEGO’ plan presented as way out of debt standoff for GOP, White House
The Hill
April 20, 2011
The Bipartisan Policy Center on Monday began circulating a proposal called SAVEGO to the Senate Gang of Six and other key budget players as a plan that could be linked to a hike in the debt ceiling increase. The administration says the ceiling must be raised by no later than July 8.
The proposal includes discretionary spending caps, as well as mandatory cuts to entitlements and tax earmarks if debt targets are not met.
The Bipartisan Policy Center was asked by the Gang of Six and other budget players in the House and Senate to come up with ideas for process reforms such as the SAVEGO plan, said the Center's Steve Bell.
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Based on the housing industry’s average share of Gross Domestic Product (GDP) from 1980 to 2007, the infographic illustrates that 2.3 percent or $350 billion is “missing” in potential growth.
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