Oct. 18, 2012
The Bipartisan Policy Center (BPC) on Thursday released its own framework for dealing with the year-end fiscal cliff.
The multistep process tweaks the failed supercommittee process of last year in the hopes of finally succeeding at producing the elusive minimum $4 trillion deficit package Republicans and Democrats appear to agree is needed to stabilize America’s finances...
BPC is in the camp that says there is no time to do a $4 trillion, complicated deal in the lame-duck session. It opts instead for an unspecified “down payment” of deficit cuts.
It then recommends an expedited process using the normal committees and a new “backstop” punishment to force the bigger grand bargain.
“The framework we propose today would both ensure an acceleration of regular budget order in the House and Senate, and it would involve all committees of relevant jurisdiction,” BPC’s Steve Bell said in a statement.
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Economic Policy Project