A bipartisan think tank has circulated a proposal it believes could be a way out of the debt ceiling standoff between the White House and Congress.
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.
It is unclear to what extent the Center's proposal could be woven into a proposal by the Gang of Six, but former Clinton budget director Alice Rivlin and former Sen. Pete Domenici (R-N.M.) have discussed the concepts with members in private meetings.
Bell expects the proposal to get a close examination as deficit talks led by Vice President Joe Biden kick off in early May.
Those talks are aimed in part at convincing conservatives to agree to raise the debt ceiling.
President Obama has proposed and the Gang of Six has discussed triggers that would link the size of the national debt to gross domestic product (GDP), but Republicans complain the triggers are not binding.
The Center also argues that these proposals are not firm enough, and that SAVEGO is closer to Republican demands for spending cuts of a pre-determined size.
The SAVEGO proposal includes entitlement spending and would set a firmer trigger than the Obama proposal.
More here
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.
It is unclear to what extent the Center's proposal could be woven into a proposal by the Gang of Six, but former Clinton budget director Alice Rivlin and former Sen. Pete Domenici (R-N.M.) have discussed the concepts with members in private meetings.
Bell expects the proposal to get a close examination as deficit talks led by Vice President Joe Biden kick off in early May.
Those talks are aimed in part at convincing conservatives to agree to raise the debt ceiling.
President Obama has proposed and the Gang of Six has discussed triggers that would link the size of the national debt to gross domestic product (GDP), but Republicans complain the triggers are not binding.
The Center also argues that these proposals are not firm enough, and that SAVEGO is closer to Republican demands for spending cuts of a pre-determined size.
The SAVEGO proposal includes entitlement spending and would set a firmer trigger than the Obama proposal.
More here
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