By Eric Pianin

The Fiscal Times

Dec. 3, 2012

Even though the GOP leadership has offered a far-reaching plan Monday to reduce the deficit and raise new tax revenue, negotiations between the White House and the Republicans over a deal to avoid the fiscal cliff are at a depressing standstill. To the rescue -- the authors of one of the more prominent “Grand Bargain” schemes who also unveiled today a retooled version of their package of tax and entitlement reforms and spending savings in hopes of moving the talks forward.

Former Republican Senate Budget Committee Chairman Pete V. Domenici and former Clinton administration Budget Director Alice Rivlin, co-chairs of a Bipartisan Policy Center debt reduction task force, issued a 2.0 version of their plan that attempts to thread the needle between what they say is the short-term need for more economic stimulus and concern for slowing the growth of the $16.2 trillion national debt.

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Economic Policy Project