DEFICIT REDUCTION BACK-UP PLAN

Bloomberg’s Heidi Przybyla: “Both parties in Congress are discussing fallback plans for $60 billion to $100 billion in deficit reduction to avert larger spending cuts and tax increases that could trigger a recession in 2013, according to several congressional aides. With Republicans including House Speaker John Boehner saying a broad tax-and-spending deal after the Nov. 6 election probably can’t happen, the two parties are separately discussing a down payment to replace at least half of $110 billion in automatic spending cuts set to begin in January. … Congress might delay the rest of the spending cuts while lawmakers work on entitlement or tax policy changes in the first half of 2013, said the aides, who weren’t authorized to talk publicly about the discussions.”  

Lawmakers Seek $60 Billion Deficit-Cutting Fallback Plan - Bloomberg