By Susan Davis

National Journal

Aug. 10, 2011

"I think the odds now are less than 50-50 for the kind of broad-based deal that we want here at the BPC," said Steve Bell, senior director of the Economic Policy Project at the Bipartisan Policy Center, which has done extensive work on deficit reduction.

Bell contends that there is some cause for optimism, for two reasons. The first is that lawmakers on the panel bring policy bona fides and internal gravitas with their respective rank-and-file. "This is a group so far that really, really knows its stuff," he said.

The second - and more motivating factor - is fear. "These are human beings and I think they're only going to react to fear that the marketplace exhibits if they fail to act," Bell added. In particular, fears remain following the recent downgrade by Standard & Poor's that other agencies including Moody's and Fitch will follow suit with additional downgrades if the deficit reduction panel makes no major strides toward that end.

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Economic Policy Project