Senate and House members, seeking to break an impasse over curbing the nation’s debt, are looking at a “club in the closet” mechanism that would force Republicans to agree to tax increases and Democrats to accept cuts to entitlement programs.
Proposals being circulated among the bipartisan “Gang of Six” Senate negotiators, and about 20 other lawmakers in both chambers, would set deficit-cutting targets, according to people familiar with the plan. They would impose automatic, across-the- board spending reductions and higher taxes if Congress failed to meet the goals. Bloomberg
Politicians live for this stuff, borrow more today and assume a future Congress will borrow less tomorrow.
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